**Live Cattle Futures Update (November 15, 2023)**
Live cattle futures experienced an increase of $1.45 to $1.60 in most front months on Wednesday, with December down slightly. Open interest rose by 1,293 contracts, while cash trade remained subdued with northern bids between $225 and $227. Feeder cattle futures also rose, with gains of $2.40 to $2.90 at midday. The CME Feeder Cattle Index decreased by 47 cents to $344.03.
The Commitment of Traders report revealed that managed money reduced their net long position in live cattle futures and options by 7,083 contracts for the week ending November 10, totaling 101,265 contracts. In feeder cattle, spec funds cut their net long by 470 contracts, bringing it to 17,293. USDA’s Wednesday report indicated a federally inspected cattle slaughter of 123,000 head, with a weekly total of 361,000—7,000 above last week but 2,256 below the same period last year.
Wholesale boxed beef prices fell, with Choice boxes decreasing by $1.68 to $359.36 and Select dropping $3.15 to $344.88. The Chc/Sel spread widened to $14.48.
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