Live cattle futures were rallying into the close, with gains of 77 cents to $1.72 on the day, as April was $3.15 higher this week. Cash trade settled in late with $235-236 sales in the North and $235 in the South. The Friday morning Fed Cattle Exchange online auction showed $370 dressed sales on just 38 of the 1,026 head offered, with other bids of $233-235. Feeder cattle futures were in rally mode, up $32.22 to $3.42 at the close, with March $8.27 higher this week. The CME Feeder Cattle Index was up another $1.37 to $362.06 on March 19.
Cattle on Feed data from Friday afternoon showed a total of 1.611 million head of feeders placed in lots over 1,000 head during February, a 3.67% increase yr/yr. Marketings totaled 1.522 million head, down 7.8% vs. last year. That took the March 1 on feed inventory to 11.549 million head, a 0.24% drop yr/yr and compares to a 1.86% decline on Feb 1.
Commitment of Traders data shows managed money in live cattle futures and options trimming 2,417 contracts from their net long position as of 3/17, taking it to 106,615 contracts. In feeder cattle futures and options, specs cut back 137 contracts to a net long of 17,933 contracts.
Wholesale Boxed Beef prices were mixed the Friday afternoon report, with the Chc/Sel spread at $7.17. Choice boxes were down 19 cents to $400.11, while Select was 49 cents higher to $392.94. USDA estimated federally inspected cattle slaughter for this week at 508,000. That was down 17,000 head from last week and 49,527 head below the same week last year.
Apr 26 Live Cattle closed at $234.050, up $0.775,
Jun 26 Live Cattle closed at $233.425, up $1.725,
Aug 26 Live Cattle closed at $230.825, up $1.725,
Mar 26 Feeder Cattle closed at $357.750, up $2.475,
Apr 26 Feeder Cattle closed at $351.175, up $3.425,
May 26 Feeder Cattle closed at $346.375, up $2.950,
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.
More news from Barchart
