Cattle Higher as Shorts Take Profits Ahead of Weekend
BRUG - Fri May 10, 5:26PM CDT

Live cattle futures saw 50 cent to $2.075 gains in most contracts on Friday. Feeder cattle futures were up $1.375 to $2.825 on the day. CFTC data showed managed money dropping their net long position in live cattle futures and options by 24,881 contracts as of Tuesday to 104,701 contracts. The two-week drop of 49,849 contracts is the largest on record. The CME feeder cattle index was down 32 to $135.52 on May 9. Wholesale boxed beef prices were mixed on Friday afternoon. Choice boxes were down $1.36 at $221.11 with Select boxes 38 cents higher @ $207.46. USDA estimated this week’s FI cattle slaughter at 664,000 head through Saturday. That was down 6,000 head from the previous week and 9,000 above the same week last year. Monthly Trade data from Census shows US beef exports in March at 245.875 million pounds. That was larger than February by 15.9% but 5.7% larger than the same month in 2018. USDA projected 2019 beef production at 27.269 billion pounds, a 11 million pounds drop from April. Production for 2020 is seen at 27.51 million pounds in USDA’s initial projection.

Jun 19 Cattle closed at $112.450, up $0.500,

Aug 19 Cattle closed at $108.900, up $1.300,

Oct 19 Cattle closed at $109.025, up $1.375,

May 19 Feeder Cattle closed at $137.625, up $1.375

Aug 19 Feeder Cattle closed at $146.825, up $2.350

Sep 19 Feeder Cattle closed at $147.775, up $2.500

--provided by Brugler Marketing & Management

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