Cattle Rides into Weekend with Triple Digit Losses

Live cattle futures closed down by $0.65 to $1.92 on Friday, with a wk/wk loss of 42 1/2 cents. Feeder cattle futures dropped $2.70 to $3.32 in the front months, to finish an entire $5.00 lower on the week. The CFTC reported that managed money was still net long for cattle, firming their position wk/wk to 81,549 contracts. Feeder cattle futures were also net long from managed money, with a 1,484 contract growth over last week. Beef in frozen supply were listed at 466.219 million lbs per this afternoon’s Cold Storage report from the USDA. That’s down 9.57% over last October, at a 5-year low. Every month since Jan and Feb of this year have been below last year’s storage numbers. COF report showed that 11.831 million head were on feed as of the first of Nov. October placements were shown at 2.477 million head, a 10.19% bump mo/mo. Marketing were don 0.64%, at 1.875 million head. The 11/21 CME Feeder Cattle index was down 39 cents to $145.47. Friday boxed beef prices were quite lower, Choice boxes fell by $2.29, and select boxes were $2.54 lower. The week saw cash trade in the $116 range, with some as high as $117.50. Dressed cattle are trading at $184.00 in NE. The. The USDA’s weekly estimated FI cattle slaughter through Saturday is 672,000 head, that’s 5,000 head above last week’s pace.

Dec 19 Cattle closed at $118.675, down $0.650,

Feb 20 Cattle closed at $123.850, down $1.200,

Apr 20 Cattle closed at $124.175, down $1.600,

Jan 20 Feeder Cattle closed at $139.275, down $3.325

Mar 20 Feeder Cattle closed at $139.600, down $3.200

Apr 20 Feeder Cattle closed at $141.100, down $3.000

--provided by Brugler Marketing & Management

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