Live cattle futures are up $1.125 to $1.60 at midday. Cash trade was limited last week, with $208 reported in the north, with some $204 in the South. Feeder cattle futures are showing $1 to $2.50 gains at midday. The CME Feeder Cattle Index was down another $1.16 on April 10, with the average price at $286.13. The weekly OKC feeder cattle auction has an estimated 3,600 head for sale, though early action has a stronger undertone.
Managed money was slashing 24,274 contracts from their net long in live cattle futures and options as of April 8 taking it to 118,503 contracts. In feeder cattle futures and options spec traders were cutting back 5,332 contracts from their net long contracts to 28,037 contracts.
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The USDA National Wholesale Boxed Beef prices were back higher on Monday morning, as the Chc/Sel widened out to $20.43. Choice boxes were $1.39 higher to $335.61/cwt, with Select up $1.22 to $315.18. Last week’s Federally inspected cattle slaughter was estimated at 564,000 head. That was 27,000 head below the previous week and down 33,882 head from the same week last year.
Apr 25 Live Cattle are at $203.600, up $1.125,
Jun 25 Live Cattle are at $198.400, up $1.600,
Aug 25 Live Cattle are at $195.175, up $1.325,
Apr 25 Feeder Cattle are at $287.525, up $2.350
May 25 Feeder Cattle are at $280.650, up $1.950
Aug 25 Feeder Cattle are at $286.175, up $2.500
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.
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