Live cattle dropped another 1.6% to 2.2% on Friday as longs were taking risk off the table ahead of the weekend. That cemented a net weekly loss of $8.20. Preliminary open interest confirmed long liquidation, dropping 8,705 on the day. Feeder cattle led the way lower with 2% to 2.3% losses across the front months. USDA reported Friday’s cash action at 22.4k head averaging $183-184 in the south and $187 in the North. The week’s sales were down from $185-$191 last week. The CME Feeder Cattle index for 43 was $2.17 stronger to $249.90.
CFTC reported long liquidation from the cattle spec traders during the week that ended 4/5. That left the group on a 53k contract net long – the weakest since mid/late Feb.
USDA’s Wholesale Boxed Beef prices were mixed on Friday afternoon to $297.17 (+$0.02) in Choice and $294.70 (-$1.35) for Select. USDA reported the weekly beef output at 4.2% above last week for 513.7 million lbs. That came on a 4% larger estimated slaughter of 609k head. Cumulative totals were 6.971 billion lbs and 8.319m head respectively.
Apr 24 Cattle closed at $178.250, down $3.225,
Jun 24 Cattle closed at $172.050, down $3.800,
Aug 24 Cattle closed at $169.975, down $3.350,
Apr 24 Feeder Cattle closed at $237.700, down $5.000
May 24 Feeder Cattle closed at $238.175, down $5.700
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