Cattle Market Sees Larger Spec Longs

Live cattle futures changed little on Friday, with 2 to 5 cent gains, and losses of 2 cents in front months. Dec futures were 15 cents lower week/week. Feeder cattle futures were down by 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 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. Choice boxes saw a 26 cent decrease on Friday, 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.

--provided by Brugler Marketing & Management




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