Cattle Higher for Weekend

At the closing bell, front month fat cattle futures closed 32 to 57 cents higher. October futures closed the week on a 1.73% gain from Friday to Friday. Feeders traded 32 to 97 cents higher on the day, and Sept feeders were up 87 cents on the week. The CME Feeder Cattle Index for September 17 was $142.18, up 97 cents. Cash trades for the week have been $103-$105. Dressed sales have been $163-$164 with some higher grades at $165, that is $2-$3 higher than last week. Friday boxed beef prices were higher after 11 days of lower prices. Choice boxes recovered 59 cents, at $215.64 cwt. Select boxes recovered 55 cents, for a Chc/Sel spread of $11.70. The weekly CFTC report showed short covering from cattle spec traders. On 9/15 managed money was 59,620 contracts net long. Feeder cattle spec traders were 1,683 contracts less net long on the week, to 1,509. USDA estimates the week’s FI cattle slaughter at 645k head through Saturday. That is 16,000 head below the same week last year on a weak Saturday estimate. YTD cattle slaughter trails last year’s pace by 4.5% @22.847 million.

Oct 20 Cattle closed at $107.350, up $0.575,

Dec 20 Cattle closed at $111.850, up $0.525,

Feb 21 Cattle closed at $116.075, up $0.325,

Sep 20 Feeder Cattle closed at $140.875, up $0.950

Oct 20 Feeder Cattle closed at $142.425, up $0.975

Nov 20 Feeder Cattle closed at $142.525, up $0.325

--- provided by Brugler Marketing & Management

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