Cattle Face Some Pressure Ahead of the Long Weekend

Live cattle futures posted losses of 52 cents to $1.40 on Friday, though October held up $1.22 for the week. Cash trade saw light action this week with sales ranging from 218-220, with a few up to $222. Feeder cattle futures saw mixed trade, with contracts down $1.02 to 85 cents higher. September was up $3.92 this week. The CME Feeder Cattle Index was back up 53 cents on September 3 to $328.80. The market will be closed on Monday for Labor Day.

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 mixed in the Friday afternoon report, with the Chc/Sel widening to $20.30. Choice boxes were down 73 cents at $376.17, with Select $5.15 higher to $355.87. USDA estimated the weekly Federally inspected cattle slaughter at 526,000 head, down 16,000 head from the previous week.

Oct 26 Live Cattle  closed at $212.950, down $1.350,

Dec 26 Live Cattle  closed at $214.725, down $1.400,

Feb 27 Live Cattle  closed at $216.575, down $1.150,

Sep 26 Feeder Cattle  closed at $324.825, down $1.025,

Oct 26 Feeder Cattle  closed at $320.150, down $0.950,

Nov 26 Feeder Cattle  closed at $314.725, down $0.575,

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