Live cattle were lower on Monday as money flow was headed away from most commodities, with cattle contracts down 85 cents to $2.07. Cash action was light last week with steady sales of $190 reported in the South and $198 in the north. Feeder cattle ignored the collapse in the corn market and followed the fats, as contracts were down $1.50 to $2.32. The CME Feeder Cattle Index was $3.21 higher on July 5 at $258.29. Monday’s OKC feeder auction showed 4,100 head sold, with demand noted as good, but steers and heifer prices listed as steady.
Monday’s Commitment of Traders report showed managed money in live cattle futures and options as adding 7,563 contracts to their net long in a week, putting it at 63,423 contracts by last Tuesday evening.
USDA wholesale Boxed Beef prices were mixed in the Monday afternoon report. Choice boxes were up 4 cents to $330.47/cwt, with Select $0.34 lower at $304.72. The Chc/Select spread widened 38 cents to $25.75. USDA estimated Monday’s FI slaughter at 115,000 head. That matched last Monday and was 7,120 head below the same Monday last year.
Aug 24 Live Cattle closed at $184.350, down $2.075,
Oct 24 Live Cattle closed at $185.300, down $1.875,
Dec 24 Live Cattle closed at $187.250, down $1.525,
Aug 24 Feeder Cattle closed at $259.175, down $2.300,
Sep 24 Feeder Cattle closed at $260.625, down $1.600,
Oct 24 Feeder Cattle closed at $260.725, down $1.500,
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.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
