AgriCharts Market Commentary

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Cattle

Live cattle futures ended Monday with contracts mixed. Nearby Aug was down 37.5 cents. Feeder cattle futures were down a nickel to 87.5 cents on Monday. The CME feeder cattle index was $2.31 lower than the previous day at $145.49 for August 18. Wholesale beef prices were lower again in the Monday afternoon report, with choice down $1.20 at $193.09 and select boxes 88 cents lower at $191.62. The CH/SE spread has now narrowed to $1.47. FI cattle slaughter for Monday was estimated at 118,000 head, 2,000 more than the previous week but 6,000 larger than the same week last year.

Aug 17 Cattle closed at $106.000, down $0.375,

Oct 17 Cattle closed at $105.850, down $0.050,

Dec 17 Cattle closed at $108.050, up $0.200,

Aug 17 Feeder Cattle closed at $139.800, down $0.700

Sep 17 Feeder Cattle closed at $139.150, down $0.875

Oct 17 Feeder Cattle closed at $139.500, down $0.425

Cattle

Live cattle futures are mixed at midday, with nearby Aug down 57.5 cents. Feeder cattle futures are 70 cents to $1.025 lower. The CME feeder cattle index was 36 cents higher than the previous day at $144.80 for August 17. Wholesale beef prices were lower again in the Monday morning report, with choice down 8 cents at $193.51 and select boxes 6 cents lower at $192.44. The CH/SE spread has now narrowed to $1.07. Cash sales of $110-$110.50 were reported across most regions last week, down $5 from the previous week. Weekly FI cattle slaughter was estimated at 634,000 head, 7,000 fewer than the previous week but 32,000 larger than the same week last year. The Commitments of Traders report showed managed money a little more aggressive in getting out of their net long position in live cattle futures and options this week. They lowered that position by 13,593 contracts to +81,175 as of Tuesday.

Aug 17 Cattle are at $105.800, down $0.575,

Oct 17 Cattle are at $105.975, up $0.075,

Dec 17 Cattle are at $108.025, up $0.175,

Aug 17 Feeder Cattle are at $139.775, down $0.725

Sep 17 Feeder Cattle are at $139.000, down $1.025

Oct 17 Feeder Cattle are at $139.225, down $0.700

Cattle

Live cattle futures settled mixed Friday as nearby contracts were lower and back months higher. Aug lost 3.05% on the week, as cash trade was weaker. Feeder cattle futures were mixed as well with Aug up 2.5 cents and other front months lower. The CME feeder cattle index was 36 cents higher than the previous day at $144.80 for August 17. Wholesale beef prices were lower again in the Friday afternoon report, with choice down $1.34 at $194.29 and select boxes $1.70 lower at $192.50. The CH/SE spread is now at $1.70. Cash sales of $110-$110.50 were reported across most regions last week, down $5 from the previous week. Weekly FI cattle slaughter was estimated at 634,000 head, 7,000 fewer than the previous week but 32,000 larger than the same week last year. The Commitments of Traders report showed managed money a little more aggressive in getting out of their net long position in live cattle futures and options this week. They lowered that position by 13,593 contracts to +81,175 as of Tuesday.

Cattle

Live cattle futures settled mixed Friday as nearby contracts were lower and back months higher. Aug lost 3.05% on the week, as cash trade was weaker. Feeder cattle futures were mixed as well with Aug up 2.5 cents and other front months lower. The CME feeder cattle index was 36 cents higher than the previous day at $144.80 for August 17. Wholesale beef prices were lower again in the Friday afternoon report, with choice down $1.34 at $194.29 and select boxes $1.70 lower at $192.50. The CH/SE spread is now at $1.70. Cash sales of $110-$110.50 were reported across most regions yesterday, down $5 from last week. Weekly FI cattle slaughter is estimated at 634,000 head, 7,000 fewer than last week but 32,000 larger than the same week last year. Thursday’s export sales report showed Japan, again the lead buyer at 3,000 MT, as their tariff on frozen beef was increased to 50% on Aug 1. We are assuming that these latest purchases are either fresh beef (not affected by the tariff increase) or to price elastic markets.

Aug 17 Cattle closed at $106.375, down $0.750,

Oct 17 Cattle closed at $105.900, down $0.325,

Dec 17 Cattle closed at $107.850, down $0.425,

Aug 17 Feeder Cattle closed at $140.500, up $0.025

Sep 17 Feeder Cattle closed at $140.025, down $0.700

Oct 17 Feeder Cattle closed at $139.925, down $0.550

Cattle

Live cattle futures are currently 15 to 35 cents higher in the nearby contracts on Friday. Feeder cattle futures are seeing gains of 70 cents to $1.175. The CME feeder cattle index was 5 cents lower than the previous day at $144.44 for August 16. Wholesale beef prices were lower again in the Friday morning report, with choice down 57 cents at $195.06 and select boxes $1.70 lower at $192.50. The CH/SE spread is now at $2.56. Cash sales of $110-$110.50 were reported across most regions yesterday, down $5 from last week. Week to date FI cattle slaughter was estimated at 467,000 head through Thursday, 2,000 fewer than last week but 14,000 larger than the same week last year. Thursday’s export sales report showed Japan, again the lead buyer at 3,000 MT, as their tariff on frozen beef was increased to 50% on Aug 1. We are assuming that these latest purchases are either fresh beef (not affected by the tariff increase) or to price elastic markets. Total beef export commitments are 5.7% larger than last year.

Aug 17 Cattle are at $107.450, up $0.325,

Oct 17 Cattle are at $106.575, up $0.350,

Dec 17 Cattle are at $108.425, up $0.150,

Aug 17 Feeder Cattle are at $141.650, up $1.175

Sep 17 Feeder Cattle are at $141.500, up $0.775

Oct 17 Feeder Cattle are at $141.175, up $0.700


Market Commentary provided by:

Brugler Marketing & Management LLC
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