Feeder cattle were down by another triple digits of 0.7% to 1% on Friday. That left November futures at a net $9 loss for the week and more than 38% back down from LoC low to LoC high. Live cattle also closed red on the week’s last trade day, finishing 12c to $1.25 lower across the front months. December futures ended the week on a net $2.12 loss. October futures expire next Thursday, with no deliveries issued and 4.1k contracts of OI as of 10/19. USDA mentioned Thursday’s cash trade in KS was near $184 and mostly $186 ($294 dressed) for NE. The CME Feeder Cattle Index was another 84c weaker to $243.99 for 10/19.
Weekly CoT data showed managed money firms were closing cattle longs during the week that ended 10/17. That reduced their net long by 2.5k contracts to 83.8k. The funds were 6,516 contracts net long in feeders on 10/17. That was an 836 contract weaker net long through the week.
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