Live cattle futures were 97 cents to $1.20 lower across the front months on Friday, as October was $3.67 in the red last week. Cash activity saw sales of $242-243 last week, steady to $1 higher in the South and $2-3 weaker in the North. Feeder cattle futures closed out on Friday with contracts down $1 to $2, as September was steady. The nearby September contract fell $4.95 last week. The CME Feeder Cattle Index was back up $2.61 at $363.96 on September 4.
Weekly Export Sales data showed a total of 16,573 MT of beef sold in the week of August 28, a 6-week high. The top buyer of US beef during that week was Japan at 5,000 MT, with 4,600 MT sold to South Korea, and 2,400 MT to Taiwan. Shipments were at 11,486 MT, up slightly from last week. Of that total, 3,500 MT was headed to Japan, with 2,800 MT headed to South Korea.
The Friday afternoon Commitment of Traders report showed managed money increasing their net long in live cattle futures and options by 4,290 contracts to 130,442 contracts by Tuesday. As of September 2, spec funds trimmed 2,205 contracts from their large net long position to 28,375 contracts. That is the lowest net long position since April.
USDA Wholesale Boxed Beef prices were lower in the Friday PM report, with the Chc/Sel spread at $25.57. Choice boxes were down $3.45 at $4110.76, while Select was $2.58 lower to $385.19. USDA estimated cattle slaughter for the week at 487,000 head. That was well below last week due to the Monday holiday and 60,805 head lower vs. the same week in 2024.
Oct 25 Live Cattle closed at $235.975, down $0.975,
Dec 25 Live Cattle closed at $237.450, down $1.100,
Feb 26 Live Cattle closed at $238.675, down $1.200,
Sep 25 Feeder Cattle closed at $359.825, down $0.000,
Oct 25 Feeder Cattle closed at $357.900, down $1.050,
Nov 25 Feeder Cattle closed at $356.150, down $1.925,
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.
