Cattle Market Torn Between Beef and Live Cattle Values

Live cattle futures 27 to 82 cents lower on Friday. Preliminary open interest rose 4,019 contacts on net new selling interest. Feeder cattle futures were 57 to 120 lower. The CME Feeder Cattle Index $1.55 cents on August 15 at $137.15. Wholesale boxed beef prices continued their sharp rise on Labor Day wholesale buying and tight supplies fueled by the Tyson outage. Choice boxes finished higher again Friday by $ 2.57 to $238.69, with Select boxes $2.59 higher @ $213.26. The USDA estimated the weekly FI cattle slaughter at 651,000 head, 9,000 head more than the previous week, and 8000 head below the same week last year. There were a few live purchases reported in the North last week, with prices reported at $105-106 live or $172-178 in the meat. Money managers in Live Cattle futures and options trimmed their CFTC net long position by 4355 contracts as of Tuesday at 18, 830 contracts.

-- provided by Brugler Marketing & Management

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