Live cattle futures were up by $1.32 to $2.10 on Friday with a triple digit bounce into the CoF report. Feeders closed up by as much as 1.3% on the last trade day of the week, leaving March up by $3.55 for the week. USDA confirmed cash trade from $180.50 to $184 on Friday with solid volume. The bulk of the week’s action took place mostly $2-$3 higher near $182. The CME Feeder Cattle Index increased by another 51 cents on 2/22 to $245 flat.
Weekly Commitment of Traders data had managed money traders with a 50.5k contract net long in cattle as of 2/20. That was an 8k contract stronger net long for the week. Feeder cattle spec traders also expanded their net long, but by 200 contracts to 8.2k contracts.
The monthly Cattle on Feed report showed 11.797m head were on feed on Feb 1. That was 0.4% above the Feb ’23 count compared and similar to the 0.1% increase expected. Placements came in 7.4% below last year compared to the expected 11.6% drop with 1.792m head placed in Jan. Jan marketings were 1.844m head compared which was as expected going in.
The weekly Export Sales report showed 12.6k MT of beef was sold for export during the week that ended 2/15. That was down 24% from the week prior and was less than half of the volume from the same week last year. Beef shipments were 15.7k MT for the week bringing the season total to 101.5k MT.
USDA’s Boxed Beef prices were stronger on Friday afternoon with Choice up by 82c to $300.61 cwt. and Select 50c higher at $286.31. That was $1.42 stronger and $1.61 stronger respectively. USDA listed the week’s beef output at 491.8 million lbs, compared to 506.9m last week and 506.1m during the same week last year. Slaughter was down by 2.5% and by 3.4% respectively with 593k head harvested.
Feb 24 Cattle closed at $185.600, up $2.100,
Apr 24 Cattle closed at $187.900, up $1.350,
Jun 24 Cattle closed at $183.875, up $1.175,
Mar 24 Feeder Cattle closed at $254.575, up $2.525
Apr 24 Feeder Cattle closed at $259.975, up $3.275
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
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