Live cattle futures saw gains ranging from $1.05 to $1.42 this week, despite the nearby October contract dropping by 20 cents to close at $218.875. The nearby contract still achieved a total gain of $2.95 this week. Cash trade reported prices of $345-350 for dressed cattle and $222-223 for live sales. Feeder cattle futures also performed well, with contracts increasing by $1.17 to $3.90, as the October contract closed at $334.925, up $3.175.
Data released on September 29 indicated that beef stocks in cold storage as of August 31 totaled 407.12 million pounds, reflecting a 5.16% increase year-over-year and a 2.22% increase from July. The USDA reported a federally inspected cattle slaughter of 484,000 head for the week, marking a decrease of 45,000 from the previous week and 74,540 from the same week last year. Additionally, managed money positions in live cattle saw an increase to 41,743 contracts, as covered in the CFTC data for the week ending September 22.
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