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Live cattle futures fell on Wednesday, decreasing by $3.50 to $3.75, with cash sales reported at $218-220 in the North and $224 in the South. The Fed Cattle Exchange saw no sales from the 1,576 head offered, with bids at $220-221 live and $340 dressed. The USDA reported a weekly cattle slaughter estimate at 120,000 head, bringing the total to 357,000 head, which is 6,000 head above last week but 15,451 head below the same week last year.
In August, the U.S. exported 190.7 million lbs of beef, marking the lowest monthly total since June 2020 and the lowest for August since 2015. Managed money reduced its net long position by 8,791 contracts to 116,112 contracts by the end of September, while speculators trimmed their net long in feeder cattle by 752 contracts to 23,575 contracts.
The upcoming report on October placements is anticipated to show a 7.9% decrease compared to last year, with marketings projected down 7.6% and November 1 on feed expected to be 2.2% below last year.
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