Cattle Futures Lower on Lower Cash Prices

Live cattle Oct futures were down by $1.925 at Friday’s close, however that couldn’t erase a wk/wk gain, as future contracts finished $1.025 higher on the week. Feeder cattle futures finish Friday down by $0.70 to $1.475 in the nearby contracts, Nov futures lost $0.60 over the week. Cash cattle traded at $107-108 today, 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. USDA’s weekly export sales report showed a 7.7% decrease in wk/wk beef exports with 15,124 MT shipped. Net sales are on par, 0.27% lower, than the same week last year at 13,045 sales. 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, including tomorrow estimates, is 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.

OCT 19 Cattle closed at $110.475, down $1.925,

DEC 19 Cattle closed at $113.625, down $0.750,

FEB 20 Cattle closed at $119.075, down $0.475,

OCT 19 Feeder Cattle closed at $143.500, down $0.700

NOV 19 Feeder Cattle closed at $142.850, down $1.475

JAN 19 Feeder Cattle closed at $139.450, down $1.400

--provided by Brugler Marketing & Management

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