Live cattle futures found some footing on Friday, with contracts up 12 to 90 cents in the nearbys, as Feb was down 17 cents this week. Cash trade has kicked off at $208 in the south, with a few at $209. Northern sales have been near $208-210 live and $330 in the beef. Feeder cattle futures were $2.50 to $2.85 higher on the session, with March slipping 85 cents on the week. The CME Feeder Cattle Index was up another $1.62 from the day prior at $281.07 on January 29.
The Friday afternoon annual Cattle Inventory report showed all cattle and calves down 0.57% at 86.662 million head. The 2024 calf crop was down 0.1% at 33.53 million head. Beef cow inventory was down 0.53% at 27.86 million head. Beef replacement heifers were down 0.97% at 4.672 million head.
Spec funds in live cattle futures and options were adding to their, as of Tuesday, record net long position by 8,443 contracts to 156,909 contracts. CFTC data showed managed money in feeder cattle trimming back their record net long by 496 contracts to 28,879 contracts.
USDA wholesale Boxed Beef prices were higher in the Friday PM report, with the Chc/Sel spread @ $10.61. Choice boxes were up 20 cents at $327.68/cwt, with Select $1.17 lower at $317.07. USDA estimated the weekly federally inspected cattle slaughter at 600,000 head. That is 1,000 head above last week and down 32,438 head from the same week last year.
Feb 25 Live Cattle closed at $204.600, up $0.125,
Apr 25 Live Cattle closed at $202.300, up $0.800,
Jun 25 Live Cattle closed at $196.700, up $0.925,
Mar 25 Feeder Cattle closed at $275.725, up $2.525,
Apr 25 Feeder Cattle closed at $275.125, up $2.800,
May 25 Feeder Cattle closed at $273.125, up $2.825,
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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