Live cattle futures fell weaker on Friday, as most contracts fell 47 cents to $1.75. February was an exception, up 35 cents on cash strength, with the weekly move +95 cents. Friday’s open interest was 243 contracts lower. Cash trade settled in at $238-240 live across the country and $375-378 dressed. The Friday morning Fed Cattle Exchange online auction showed sales of $240-241 live on 719 head, with dressed trade at 375 on 36 head of the 1,510 head listed. Feeder cattle futures fell $4.85 to $5 in the nearbys. OI was up 391 contracts. March still held onto a dime gain last week. The CME Feeder Cattle Index was back up $4.00 to $370.69 on January 29.
The annual Cattle Inventory report from USDA showed all cattle and calves down 0.37% from last year at 86.155 million head. Beef cows were tallied at 27.607 million head, down 1.02%, with replacement heifers up 0.89% yr/yr at 4.714 million head.
Commitment of Traders data showed managed money adding 4,208 contracts to their net long position in the week ending on Tuesday, taking it to 105,685 contracts in live cattle futures and options. In feeder cattle futures and options, specs added 546 contracts to their net long at 16,629 contracts by January 27.
Wholesale Boxed Beef prices were mixed in the Friday PM report, with the Chc/Sel spread narrowing to $3.62. Choice boxes were down $2.10 to $365.56, while Select was $1.22 higher at $361.94. Last week’s USDA federally inspected cattle slaughter was estimated at 531,000 head. That was 4,000 head below last week and 70,785 head shy of the same week last year.
Feb 26 Live Cattle closed at $235.850, up $0.350,
Apr 26 Live Cattle closed at $236.800, down $0.475,
Jun 26 Live Cattle closed at $231.725, down $1.550,
Mar 26 Feeder Cattle closed at $360.275, down $4.850,
Apr 26 Feeder Cattle closed at $358.275, down $4.950,
May 26 Feeder Cattle closed at $355.125, down $4.850,
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.
More news from Barchart
