Live cattle futures are up $4 to $6.05 so far on Wednesday. There have been some light cash trade picked up in the north this week at $208-210, with dressed trade at $330. Wednesday’s Fed cattle online exchange saw no sales on the 2,052 head offered, with bids of $210 to $215. Feeder cattle futures are showing gains of $8.25 to $8.90 so far on Wednesday. The CME Feeder Cattle Index was down $4.41 to $331.97 on November 24. The market will be closed on Thursday for Thanksgiving, with a normal open on Friday and an early close.
Managed money added 7,740 contracts to their net long position as of October 14 taking it to 123,754 contracts. In feeder cattle futures and options, specs trimmed their net long by 493 contracts to 25,524 contracts.
USDA reported Wholesale Boxed Beef prices mixed in the Wednesday AM report, with the Chc/Sel spread narrowing to $10.16. Choice boxes were down $1.45 to $368.64, while Select was $2.55 higher at $358.48. USDA federally inspected cattle slaughter for Tuesday was estimated at 125,000 head, with the week to date total at 245,000. That 8,000 head above last week but 3,479 head below the same week last year.
Dec 25 Live Cattle are at $211.425, up $4.425,
Feb 26 Live Cattle are at $213.175, up $5.850,
Apr 26 Live Cattle are at $214.625, up $6.050,
Jan 26 Feeder Cattle are at $315.325, up $8.250
Mar 26 Feeder Cattle are at $309.850, up $8.975
Apr 26 Feeder Cattle are at $308.350, up $8.950
