Cattle Market News and Commentary

live cattle futures finished the week carrying a $1.00 loss as options expired. First notice day for delivery is Monday. Live cattle futures gains were limited to 40 cents in the front months. Feeder cattle futures finished the week 72 1/2 cents lower, but made a gains of $0.65 to $1.00 on Friday. The 12/05 CME Feeder Cattle index was $144.49, dropping by 4 cents. The EU ratified the U.S.-E.U. Beef Access Agreement, bumping the TRQ on hormone free American beef from 13,000 MT/ year to 18,500 MT/year and set to be as high as 35,000 MT/ year by 2027. Additionally the Japan trade deal is set to go into effect Jan 1st. Japan was the destination for 22.03% of beef shipments in October. As of Tuesday, Spec traders were net long by 78,214 contracts for Live cattle futures. The position shrank wk/wk by 3,443 contracts, but OI for long spec traders has remained over 100,000 for 4 consecutive weeks, for the first time since May. In the same Commitment of Traders Report, spec fund traders were shown net long for feeder cattle futures as well. Their position was 1,371 contracts as of 12/03. Friday afternoon boxed beef prices were lower, but tightened the spread to 17.26. Choice boxes showed a $1.04 decrease, while select boxes were 82 cents lower. The USDA reported Nebraska dressed sales of $188.00 and WCB cash sales of $118-$119. KS live cattle sales were $119. USDA estimated the weekly FI cattle slaughter to be 679,000 head through Saturday. This would be 10,000 head above the same week last year. The YTD slaughter is 1.1% ahead of last year at 31.026 million head.

DEC 19 Cattle closed at $120.200, up $0.275,

FEB 19 Cattle closed at $124.975, up $0.375,

APR 20 Cattle closed at $125.550, up $0.400,

JAN 19 Feeder Cattle closed at $141.550, up $1.000

MAR 19 Feeder Cattle closed at $141.675, up $0.525

APR 19 Feeder Cattle closed at $143.775, up $0.650

---provided by Brugler Marketing & Management




Market Commentary provided by:

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