Cattle Extending All Time Highs on Monday
Live cattle futures are showing steady trade to 82 cent gains in the nearbys on Monday. Today is first notice day for June live cattle. Cash trade last week saw wide ranges mostly $225-232 in the South and topping near $235. North action was mostly $240-242, reaching $244 in some spots.
Feeder cattle futures are posting 12 to 42 cent gains at midday. The CME Feeder Cattle Index was up $1.30 on June 5 with an average price of $306.16. There are an estimated 4,500 head for sale in Monday’s OKC feeder cattle auction. Early action has seen a higher undertone.
Large managed money speculators in live cattle futures and options added 512 contracts to their net long position of 131,805 contracts in the week ending on June 3rd. As of Tuesday, managed money was net long 34,827 contracts, a record, and an increase of 1,569 contracts during that week.
USDA’s National Wholesale Boxed Beef prices were higher on Monday, narrowing the Chc/Sel spread to $6.73. Choice boxes were back down $1.53 at $366.61, while Select was quoted $3.15 higher at $359.88/cwt. USDA’s Federally inspected cattle slaughter for last week at 582,000 head. That is down 27,797 head from the same week last year.
Jun 25 Live Cattle are at $227.125, up $0.825,
Aug 25 Live Cattle are at $219.100, up $0.225,
Oct 25 Live Cattle are at $215.550, up $0.025,
Aug 25 Feeder Cattle are at $310.275, up $0.125
Sep 25 Feeder Cattle are at $309.400, up $0.275
Oct 25 Feeder Cattle are at $307.325, up $0.425
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.