Live cattle are steady to 40 cents lower across most contracts on Monday. Cash was mixed around last week, with the South seeing action anywhere from $183-185, and the North at $186-187. Feeders are rallying on Monday, with contracts 70 cents to $1.50 higher. The CME Feeder Cattle index was back up 23 cents on May 9 to $240.61.
Managed money spec funds were adding 3,309 contracts to their net long in live cattle futures and options as of May 7 to 36,929 contracts.
USDA’s Wholesale Boxed Beef prices shot higher in the Monday Morning report. Choice boxes were up $3.71 at $298.28, with Select $2.30 higher to $286.47. That widened the Chc/Sel spread to $11.81. USDA estimated federally inspected cattle slaughter at 622,000 head for last week including Saturday. That is even with last week on an expected lighter Saturday kill and 22,313 head below last year.
Jun 24 Live Cattle are at $176.000, down $0.150,
Aug 24 Live Cattle are at $173.825, down $0.300,
Oct 24 Live Cattle are at $177.300, down $0.125,
May 24 Feeder Cattle are at $239.825, up $1.025
Aug 24 Feeder Cattle are at $252.200, up $1.300
Sep 24 Feeder Cattle are at $253.050, up $1.075
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
