Cattle Rally on Friday

Live cattle futures posted 70 to 97 gains across the front months on Friday. Cash trade has been slower this week, with some Southern action at $182, down $1-2, with the North steady at $184. The Central Stockyards Fed Cattle Exchange online auction saw no sales on the 1,706 head, with bids of up to $180.182.25. Feeder cattle futures were 97 cents to $1.07 higher on the day. The CME Feeder Cattle Index was steady at $242.64 on August 28. 

Commitment of Traders data showed cattle specs trimming 3,482 contracts from their net long to 38,014 contracts. 

USDA wholesale Boxed Beef prices were mixed in the Friday afternoon report. Choice boxes were up 68 cents at $309.34, with Select products 37 cents lower @ $295.82. The Chc/Select spread widened to $13.52. USDA estimated this week‘s federally inspected cattle slaughter at 120,000 head, taking the weekly total to 611,000 head. That is up 3,000 head from the previous week and 29,514 head below the same week last year.

Aug 24 Live Cattle  closed at $185.850, up $0.975,

Oct 24 Live Cattle  closed at $178.600, up $0.700,

Dec 24 Live Cattle  closed at $177.550, up $0.850,

Sep 24 Feeder Cattle  closed at $240.475, up $0.975,

Oct 24 Feeder Cattle  closed at $237.750, up $1.075,

Nov 24 Feeder Cattle  closed at $235.250, up $0.850,

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.