Cattle Rallying Out of Labor Day Weekend

Cow in pen at fair by sandsun via iStock Live cattle futures are trading with $2.80 to $3.25 gains in the nearbys on Tuesday. Cash trade saw light action last week with sales ranging from 218-220, with a few up to $222. Feeder cattle futures are showing gains of $2.82 to $4.50 at midday. The CME Feeder Cattle Index was back up 53 cents on September 3 to $328.80. CFTC Commitment of Traders data showed managed money slashing another 9,527 contracts from their net long in live cattle futures and options, taking it to 47,914 contracts by Tuesday. In feeder cattle, specs added 1,213 contracts to their net long, at 7,508 contracts as of 9/1. Wholesale Boxed Beef prices were higher in the Tuesday morning report, with the Chc/Sel widening to $20.30. Choice boxes were up $1.30 at $377.47, with Select $1.07 higher to $356.94. USDA estimated the weekly Federally inspected cattle slaughter at 526,000 head, down 16,000 head from the previous week. Oct 26 Live Cattle are at $215.950, up $3.000, Dec 26 Live Cattle are at $217.950, up $3.225, Feb 27 Live Cattle are at $219.400, up $2.825, Sep 26 Feeder Cattle are at $327.650, up $2.825 Oct 26 Feeder Cattle are at $324.275, up $4.125