Live cattle futures are reversing last week’s losses with gains of $1.62 to $2 at midday. Cash trade was slow last week, with the South kicking things off at $181, down $2 on the week. Northern sales were light with $180-183 reported last week by the USDA. Feeder cattle futures are down $3.22 to $3.75 at midday. The CME Feeder Cattle Index was up 91 cents at $242.18 on September 5.  The weekly OKC Feeder Cattle Auction on Monday is estimated to have 10,500 head for sale, well above the previous sale and near a year ago. 

CFTC data showed managed money in live cattle adding just 44 contracts to their net long position to 38,058 contracts by September 3. In feeder cattle, they were busy cutting 1,972 contracts from their net short to just 556 contracts as of Tuesday.

USDA wholesale Boxed Beef prices were higher in the Monday AM report. Choice boxes were up 20 cents @ $309.61, with Select $3.94 higher at $300.06. The Chc/Select spread narrowed to $9.55. USDA estimated last week’s federally inspected cattle slaughter at 542,000 head. That is well below the previous week due to the holiday and 16,921 head below the same week last year.

Oct 24 Live Cattle  are at $176.800, up $1.625,

Dec 24 Live Cattle  are at $176.600, up $1.900,

Feb 25 Live Cattle  are at $177.400, up $2.000,

Sep 24 Feeder Cattle  are at $237.525, up $3.225

Oct 24 Feeder Cattle  are at $234.700, up $3.750

Nov 24 Feeder Cattle  are at $231.325, up $3.300