Cattle Push Higher on Cash, CoF Report Leans with the Bears

Austin Schroeder Barchart Fri Nov 22, 5:01PM CST
Simmental cow by kobkik via iStock

Live cattle futures posted gains of 22 cents to $1.175 on Friday, led by Dec to keep up with cash. On the week, the contracts was up $3.825. Cash trade settled in this week at $186-188, with most trade hovering at $187. The Central Stockyards Fed Cattle Exchange online auction showed sales of 587 head on the 2,344 head listed on Friday morning. Sales were $187-187.50 live, with additional sales of $187 and $189 using their BidTheGrid™ method. Feeder cattle posted 625 cent to $1.30 gains on Friday. Jan was up $7.07 on the week. The CME Feeder Cattle Index was up 27 cents at $254.54 on November 21. 

The Friday afternoon Cattle on Feed report showed October placements a 2.286 million head, up 5.35% vs. a year ago and above the average trade estimate of a 3.8% hike. October marketings were up 4.65% at 1.845 million head and below the +5.2% trade average guess. November 1 on feed inventory came in at a record for the month at 11.986 million head, a 0.25% increase from last year, compared to the 0.1% drop expected.

Commitment of Traders data showed spec funds in live cattle futures and options adding 5,098 contracts to their net long at 108,415 contracts as of November 19. Managed money in feeder cattle added 1,608 contracts to their net long at 13,667 contracts as of Tuesday.

Accumulated beef exports via the Export Sales report have totaled 698,723 MT, which is down 2.36% from last year. Total commitments by adding in unshipped sales are up 0.9% at 829,337 MT.

USDA wholesale Boxed Beef prices were mixed in the Friday PM report. Choice boxes were up 62 cents to $307.41/cwt, with Select 85 cents lower @ $272.07. The Chc/Sel spread widened to $35.34. USDA estimated this week’s federally inspected cattle slaughter at 631,000 head through Saturday. That is 25,000 head above the previous week and well above the same week last year due to Thanksgiving being a week later this year.

Dec 24 Live Cattle  closed at $186.775, up $1.175,

Feb 25 Live Cattle  closed at $188.200, up $0.775,

Apr 25 Live Cattle  closed at $189.950, up $0.425,

Jan 25 Feeder Cattle  closed at $254.300, up $0.850,

Mar 25 Feeder Cattle  closed at $253.125, up $1.025,

Apr 25 Feeder Cattle  closed at $254.350, up $1.225,


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.