Cattle Market Still Shrinking Spec Fund Long
BRUG - Mon May 13, 7:26AM 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. CFTC data showed managed money dropping their net long position in live cattle futures and options by 24,881 contracts in a week 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 weekly FI cattle slaughter at 664,000 head. That was down 6,000 head from the previous week and 9,000 above the same week last year. 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.

--provided by Brugler Marketing & Management

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