Fat cattle futures closed in the black on Friday, though off the session highs with 5 to 25 cent gains. That left April at a net $2.97 gain for the week. Feeder cattle closed the day mostly lower, with a $1.15 loss for August. March feeders gained 30c on Friday and a net $2.35 for the week. There are still no deliveries issued against Feb cattle, as CME confirmed the oldest dated long is now 9/14. USDA reported Friday cash trade from $179 to $183, citing a mostly $2-$4 increase for NE with the bulk at $180. The CME Feeder Cattle Index was $1.49 higher on 2/7, now at $242.11.
Weekly CoT data had the managed money firms adding 6.4k new longs and closing 2.5k shorts in live cattle during the week that ended 2/6. That left the group 9k contracts more net long at 36k. The spec funds were short covering in feeder cattle during the week and were reported with a 5,641 contract net long for 2/6.
USDA’s Wholesale Boxed Beef prices were mixed on Friday afternoon with a 97 cent drop in Choice and a 96 cent increase for Select. The weekly beef output was cited at 519.9 million lbs with 622k head harvested. That compares to a 536.8m lb output off 367k head last week and was 0.6% higher on a 1% lower slaughter versus the same week last year.
Feb 24 Cattle closed at $184.625, up $0.850,
Apr 24 Cattle closed at $186.725, up $0.150,
Jun 24 Cattle closed at $183.975, up $0.250,
Mar 24 Feeder Cattle closed at $247.150, up $0.300
Apr 24 Feeder Cattle closed at $251.775, down $0.150
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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