Live cattle futures rebounded higher into the weekend, with contracts up 90 cents to $1.30, as June slipped back $2.45 this week. Cash action kicked off on Thursday, with Southern sales of $218-220, steady, and $229 in the north. Feeder cattle futures posted gains of 65 cent to $1.80 on Friday, with May feeders down $1.125 on the week. The CME Feeder Cattle Index was down $1.38 on May 15 with the average price at $300.79.
Friday afternoon’s weekly CFTC report showed spec funds adding a total of 2,257 contracts to their net long position in live cattle futures and options. As of May 13th, their net long was at 135,594 contracts. In feeder cattle futures, managed money added 2,773 contracts to their net long position, nearing their previous record to 32,215 contracts.
USDA’s National Wholesale Boxed Beef report from Friday afternoon was higher, with the Chc/Sel spread tightening to $10.10. Choice boxes were up $2.59 at $352.49, while Select was quoted $3.21 higher at $342.39 per hundred pounds. USDA’s Federally inspected cattle slaughter for this week was estimated at 566,000 head. That is up 7,000 head from the week prior but down 30,918 head from the same week last year.
Jun 25 Live Cattle closed at $212.225, up $1.050,
Aug 25 Live Cattle closed at $206.750, up $0.900,
Oct 25 Live Cattle closed at $203.975, up $1.300,
May 25 Feeder Cattle closed at $296.850, up $0.675,
Aug 25 Feeder Cattle closed at $297.600, up $1.775,
Sep 25 Feeder Cattle closed at $296.275, up $1.650,
