Live Cattle futures are fading off the early session strength on Tuesday, with midday losses of 15 to 65 cents and August up a dime. Cash trade has yet to get kicked off this week after closing at $236 in the north, and $228-231 in the south. Feeder cattle futures closearte steady to 45 cents lower so far on Tuesday. The CME Feeder Cattle Index was down 14 cents @ $310.85.
The delayed Monday afternoon Commitment of Traders report showed managed money trimming 2,586 contracts from their large net long position in live cattle futures and options to 135,250 contracts by last Tuesday. In feeder cattle, they cut just 104 contracts from their large net long position to 35,858 contracts by June 17th.
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National Wholesale Boxed Beef prices were mixed on Tuesday morning, with the Chc/Sel spread widening to $10.37. Choice boxes were up $1.13 to $391.35, while Select was quoted $2.12 lower at $380.98/cwt. USDA’s Federally inspected cattle slaughter for Monday was estimated at 111,000 head. That is 8,000 head above the Monday prior but 2,292 head below the same Monday last year.
Jun 25 Live Cattle are at $221.675, down $0.625,
Aug 25 Live Cattle are at $209.475, up $0.100,
Oct 25 Live Cattle are at $206.950, down $0.150,
Aug 25 Feeder Cattle are at $302.350, down $0.450
Sep 25 Feeder Cattle are at $302.500, down $0.125
Oct 25 Feeder Cattle are at $300.850, unch,
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
