Cattle Market Deals With COF Report Info

Pre-report positioning left futures down $0.45 to $1.05 on Friday. Some early pressure is expected in February and other contracts due to the larger than expected placements numbers. Feeder cattle futures closed $1.90 to $2.07 in the red. The 9/24 Feeder Cattle Index from CME was down $0.36 to $142.23. The week’s range for cash cattle was $102-$107 with the bulk at $105. USDA’s Cattle on Feed report showed 11.394 million head of cattle in the 1,000+ capacity feedlots as of September 1. That was 3.75% higher yr/yr, vs. trade ideas of a 3.4% increase. August saw 1.892 million head of cattle marketed, compared to 1.953 last year and the average trade guess of 1.887. August placements were up 9.18% yr/yr, with 2.057m head. Traders were anticipating a 5.9% increase. Wholesale boxed beef price were mixed on Friday, widening the spread to $12.36. Choice boxes were quoted up $1.86 cwt. and Select boxes were 76 cents lower. USDA’s estimate for FI cattle slaughter on the week through Saturday is 651k head. That is 1k head above last year for the week, but still down 4.3% YTD.

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