Cattle Weaker to Start New Week
Cattle futures are down a dime to $1.32 on Monday with April up 32 cents ahead of tomorrow’s expiration. Cash trade last week was 182-183 in the South, steady to $1 higher. Northern trade was reported at $184-186, steady to $2 higher on the week, with a few trickling in a $187. Feeders were down 60 cents to $1.12 on the day. The CME Feeder Cattle index was back up 38 cents on April 25 to $245.53.
Spec funds in live cattle futures and options added back 3,353 contracts to their net long position after 5 weeks straight if liquidation. The held a net long of 35,654 contracts as of last Tuesday.
USDA’s Wholesale Boxed Beef prices were higher in the Monday AM report. Choice boxes were 40 cents higher at $297.54, with Select up $2.27 at $290.99. That tightened the Chc/Sel spread to $6.55. USDA estimated last week’s cattle slaughter at 613,000 head. That was down 7,000 head from the previous week and 13,853 head below the same week last year.
Apr 24 Live Cattle are at $185.000, up $0.325,
Jun 24 Live Cattle are at $177.250, down $1.325,
Aug 24 Live Cattle are at $175.800, down $0.975,
May 24 Feeder Cattle are at $247.575, down $1.125
Aug 24 Feeder Cattle are at $259.425, down $1.125
Sep 24 Feeder Cattle are at $260.700, down $0.875
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 Barchart Disclosure Policy here.
