Cattle Close Lower

Pre-report positioning left futures down $0.45 to $1.05 on the day. Feeder cattle futures closed the last trading day of the week $1.90 to $2.07 in the red. The 9/24 Feeder Cattle Index from CME was down $0.36 to $142.23. Catch up business for Friday cash sales was light with very wide ranges. USDA reported a few sales from $102-$107 with most $105+. USDA noted the limited $106-$107 was for higher graded cattle. The week’s range was $102-$107 with the bulk at $105. USDA’s CoF report showed 11.394 million head of cattle in the 1,000+ capacity feedlots as of September 1. That was 3.75% higher yr/yr, vs. trade ideas of a 3.4% increase. August saw 1.892 million head of cattle marketed, compared to 1.953 last year and the average trade guess of 1.887. August placements were up 9.18% yr/yr, with 2.057m head. Traders were anticipating a 5.9% increase. The Commitment of Traders report had cattle speculative traders at 57,999 contracts net long. Long liquidation was noted from the managed money funds, as OI dropped 1,269 contracts on the week. Wholesale boxed beef price were mixed this afternoon, widening the spread to $12.36. Choice boxes were quoted up $1.86 cwt. and Select boxes were 76 cents lower. USDA’s estimate for FI cattle slaughter on the week through Saturday is 651k head. That is 1k head above last year for the week, but still down 4.3% YTD.

Oct 20 Cattle closed at $107.575, down $0.450,

Dec 20 Cattle closed at $111.400, down $0.875,

Feb 21 Cattle closed at $114.600, down $1.050,

Oct 20 Feeder Cattle closed at $140.325, down $1.950

Nov 20 Feeder Cattle closed at $140.150, down $2.200

Jan 21 Feeder Cattle closed at $138.825, down $2.075

--- provided by Brugler Marketing & Management




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