Cattle Futures Weaken on Friday
Related Stocks
 LEM21 - Live Cattle

Live cattle futures added to the downside with another 30 to 80 cent losses on Friday. June had 6 consecutive days of gains for a $6.88 swing prior to Thursday and Friday’s drop. USDA confirmed some $120 catchup cash business in NE on Friday, matching the bulk for the week for all feeding regions. Feeder cattle futures ended the session with gains of a dime to 75 cents. The CME Feeder Cattle Index for May 13th was up another 72 cents to $131.73.   

Cattle spec funds added longs and covered shorts through the week ending 5/11 according to CFTC data. The positioning left the group 6,080 contracts more net long in fat cattle to 54,945 contracts. The commercial cattle position expanded net hedge coverage by 8,317 contracts through the week, following 5 weeks of reduced net shorts. On net commercial positions were 159,925 contracts net short. 

The USDA quoted Wholesale Boxed Beef prices mixed in Friday’s PM report. The Chc/Sel spread was $23.75 after a $0.16 bump for Choice and a $2.72 drop in Select. USDA estimates the week’s federally inspected cattle slaughter through Saturday at 640,000 head. That overtook last week’s pace as last Friday was light and left the YTD kill at 12.236 million head. 

Jun 21 Cattle  closed at $115.300, down $0.300,

Oct 21 Cattle  closed at $123.250, down $0.800,

May 21 Feeder Cattle  closed at $137.550, up $0.100

Aug 21 Feeder Cattle  closed at $151.150, up $0.650

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