The market will resume trading at 8:30 am CST this morning after the Monday holiday. Live cattle futures saw mixed trade, as Feb was held up by Cash and 57 cents higher on Friday. Other contracts were slightly lower, as February was up $5.32 on the week. Cash trade was slow to get kicked off this week, as things settled in at 244-245 in the North and up to $248 in the South. Feeder cattle futures closed with most contracts slipping lower, as March was up 42 cents on Friday but $1.27 lower on the week. Preliminary open interest was down 1,031 contracts on Friday. The CME Feeder Cattle Index was back up 4 cents to $373.91 on February 12.
Commitment of Traders data from CFTC showed a total of 5,897 contracts cut from the spec fund net long position as of 2/10, taking it to 108,634 contracts in live cattle. In feeder cattle futures and options, managed money trimmed back 273 contracts from their net long to 16,162 contracts by Tuesday.
Wholesale Boxed Beef prices were mixed in the Monday afternoon report, with the Chc/Sel spread widening to $6.54. Choice boxes were down $3.30 to $367.77, while Select was $2.19 lower at $361.23. USDA estimated Monday’s federally inspected cattle slaughter at 87,000 head. That is 20,000 head above last Monday and 4,880 head below the same week last year.
Feb 26 Live Cattle closed at $243.075, up $0.575,
Apr 26 Live Cattle closed at $240.625, down $0.025,
Jun 26 Live Cattle closed at $236.150, down $0.100,
Mar 26 Feeder Cattle closed at $366.150, up $0.425,
Apr 26 Feeder Cattle closed at $363.450, down $0.175,
May 26 Feeder Cattle closed at $359.425, down $0.475,
On the date of publication, Austin Schroeder 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 Barchart Disclosure Policy here.
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