Cattle Enter Weekend Mixed

Live cattle futures closed fairly firm on Friday, with 2 to 5 cent gains, and losses of 2 cents in front months. Feeder cattle futures were down by as much as 37 cents for the soon to expire Nov contract, the other nearbys saw gains of 15 to 22 cents. Spec funds in live cattle futures were again net long as of 11/12. Managed money traders changed sides as short position open interest has shrank for the 8th consecutive week, matching the long position increases. The CFTC reported that managed money was net long for feeder cattle futures. That marks the second consecutive Tuesday with that being the case. Managed money has become less net short or more net long (increasingly bullish) for 10 consecutive weeks, for a total swing of 8,446 contracts. The 11/14 CME Feeder Cattle index was 27 cents lower at $147.12. Friday’s afternoon boxed beef prices were lower, widening the Chc/Sel spread to 26.47. Choice boxes saw a 26 cent decrease, while select boxes had fallen by $1.5 to $214.33. The Fed Cattle Exchange reported no sales on the 1,264 head listed. The USDA estimated FI cattle slaughter total for the week through Saturday is 657,000 head. That is 6,000 head above last week’s total, and is 9,000 head more yr/yr. The estimated YTD slaughter is 29.114 million head as of 11/16.

DEC 19 Cattle closed at $119.100, up $0.025,

FEB 19 Cattle closed at $124.975, up $0.050,

APR 20 Cattle closed at $126.075, down $0.025,

NOV 19 Feeder Cattle closed at $146.250, down $0.375

JAN 19 Feeder Cattle closed at $144.275, up $0.225

MAR 19 Feeder Cattle closed at $144.225, up $0.150

--provided by Brugler Marketing & Management

Market Commentary provided by:

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