Cattle Market Supported by Rising Cash Prices

Live cattle futures for OCT closed at $107.350 on Friday, up 55 cents, while DEC and FEB contracts were lower. Feeder cattle futures lost 37 to 72 cents going into the weekend. The CME Feeder Cattle Index was up 68 cents on Oct. 3 at $143.60. Wholesale boxed beef prices were lower on Friday. Choice boxes were down 10 cents to $211.96, with Select boxes 29 cents lower to $186.92. USDA weekly FI slaughter was estimated at 639,000 head including Saturday, up 1,000 head from year ago. Sales throughout the country gravitated towards $107 on Friday, with $4.00 gains in Kansas and $1.00 gains in Texas Panhandle; there were a few dressed sales of $170 in NE. Census data showed 261.25 million lbs of US beef exports in August. That was down 9.4% from last year and 4.5% lower than July shipments. The Commitment of Traders report on Friday afternoon showed managed money had flipped their position from net short to net long 5,887 contracts in cattle futures by Tuesday evening. --provided by Brugler Marketing & Management

Market Commentary provided by:

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