Cattle Market Gains on Friday
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 LEZ21 - Live Cattle

Live cattle futures were 22 to 75 cents higher on the board at the close. For December fats, that completed the week as a net 72 cent gain. Catch up sales on Friday were reported mostly at $124, matching the week’s bulk. USDA noted most dressed sales for the week were near $196, though the range was as low as $193 to as high as $200. Feeder cattle closed 72 to 85 cents in the red. The 10/14 CME Feeder Cattle Index was 66 cents lower at $153.35.    

USDA’s weekly Export Sales data showed beef bookings during the week of 10/7 were 15,741 MT. That was firm with last week, but down 24% from the same week last year. USDA reported Japan as the week’s top buyer with 4.4k MT, and China at 3.4k. Japan was also the top destination with 4.4k MT of the week’s 15.5k MT total. Accumulated beef exports were 719,932 MT through 10/7, up 17% yr/yr.  

CFTC reported short covering through the week ending 10/12 from live cattle spec traders. That left the managed money funds 10,312 contracts more net long to 35,469. In feeders, CFTC reported managed money at 1,254 contracts net short. That was 3,010 contracts less net short wk/wk, also on short covering.  

Wholesale Boxed Beef prices were firm but weaker in the PM update. The 8 cent drop in Choice left boxes at $280.24 cwt. and Select’s 6 cent pullback left prices $260.62 cwt. USDA estimated FI cattle slaughter at 646k head this week through Saturday. That is down from 657k last week and from 659k last year. YTD cattle slaughter is still 3.2% ahead of 2020’s pace with 26.28m head. 

Dec 21 Cattle  closed at $130.975, up $0.675, 

Feb 22 Cattle  closed at $135.350, up $0.700, 

Nov 21 Feeder Cattle  closed at $161.425, down $0.725 

Jan 22 Feeder Cattle  closed at $161.525, down $0.825 

Market Commentary provided by:

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