Cattle Futures Market Pauses As Cash Cattle Pull Back

Live cattle futures were down by $1.925 at Friday’s close, however that still left October $1.025 higher on the week. Feeder cattle futures finish Friday $0.70 to $1.475 lower in the nearby contracts, and Nov futures lost $0.60 over the week. Cash cattle traded at $107-108 Friday, and $173 in the meat. That was down $1-2. Managed money grew their CFTC net long position by 79.34% for cattle to 21,543 contracts. In feeder cattle futures managed money was net short 1,277 contracts as of 10/15. The 10/17 CME Feeder Cattle index saw another 45 cent increase, and is up to $145.60. Wholesale boxed beef prices narrow the ch/s spread to 25.00 at Friday’s closing. Choice boxes finished 7 cents lower to $218.04, with Select boxes showing a gain of $0.44 up to $193.04. USDA estimated FI cattle slaughter for the week @ 642,000 head. That is 10,000 head above the same week last year keeping the ytd ahead of last year’s pace by 280,000 head, at 26.5 million head.

--provided by Brugler Marketing & Management

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