Live cattle futures are $3.82 to $4.87 higher at midday. Cash trade was reported at $350-355 dressed in the North with a few $222-223 live sales. Some weekend sales were rumored at $225. Feeder cattle futures are rallying $3.20 to $6.60. The CME Feeder Cattle Index was down 67 cents on September 17 to $342.50. The Monday OKC feeder cattle auction has an estimated 5,700 head for sale, with early demand noted as good.
USDA’s Cattle on Feed report from Friday showed August placements well below estimates (down 3.3%) at 1.617 million head, a record low for the month and 9.16% below last year. Marketings during the month were down 3.31% at 1.519 million head. September 1 on feed inventory was up just 0.75% from a year ago at 11.163 million head.
CFTC data showed managed money cutting 1,988 contracts from their net long position in the week of 9/15, taking the net long in live cattle to 45,262 contracts.
Wholesale Boxed Beef prices were higher in the Monday AM report, with the Chc/Sel at $20.59 Choice boxes were up $5.50 at $377.44, with Select $3.59 higher to $356.85. USDA estimated Federally inspected cattle slaughter for last week at 529,000 head including Saturday. That is 24,000 head above the previous week due to the holiday but 30,270 head below the same week last year.
Oct 26 Live Cattle are at $219.750, up $3.825,
Dec 26 Live Cattle are at $221.100, up $4.475,
Feb 27 Live Cattle are at $222.225, up $4.875,
Sep 26 Feeder Cattle are at $336.775, up $3.200
Oct 26 Feeder Cattle are at $328.825, up $5.325
Nov 26 Feeder Cattle are at $324.600, up $6.600
