Live cattle are pushing higher on Monday, as futures remain at a steep discount. Contracts are up 45 to 90 cents at midday. Last week’s cash cattle trade centered around $188 in the South, with northern trade at $198. Feeder cattle are trading with $1.10 to $1.60 gains on Modnay. The CME Feeder Cattle Index was back down 49 cents on July 11 at $261.04.
Commitment of Traders data showed a 1,517 contract reduction to the managed money net long as of last Tuesday to 61,426 contracts in live cattle futures and options. The managed money specs trimmed back their net long in feeders by 1,275 contracts that week to a net long of 2,656 contracts on 7/9.
USDA wholesale Boxed Beef prices were mixed in the Monday AM report. Choice boxes were back down 65 cents to $321.41/cwt, with Select $1.01 higher at $303.32. USDA estimated last week’s FI slaughter at 601,000 head. That is well above the previous holiday week but down 32,391 head below the same week last year.
Aug 24 Live Cattle are at $183.050, up $0.675,
Oct 24 Live Cattle are at $184.550, up $0.475,
Dec 24 Live Cattle are at $186.250, up $0.775,
Aug 24 Feeder Cattle are at $259.825, up $1.175
Sep 24 Feeder Cattle are at $259.750, up $1.650
Oct 24 Feeder Cattle are at $259.225, up $1.675
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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