Latest Brugler Feeder Cattle Report
Cattle futures settled $0.07 to $0.20 higher on the session and the front month gained 2.67% on the week. Front month feeders settled $0.20 higher today, and were 0.80% higher from Friday to Friday. Boxed beef prices keep on going, pushing to record highs again today. Choice boxes gained $2.92 today and were up 7.8% on the week. Select boxes gained 8.4% on the week than choice, and were up another $3.81 today. The choice/select spread is at $2.38. The CME feeder cattle index was down $0.02 at $171.32. The last reportable cash cattle trades were for an average of $142 in Texas and $141.5 in Kansas. Light trade in Nebraska was reported between $144 and $144.50. Colorado sales were four dollars higher than last week at $144. Wednesday was the last reported dressed sales market with prices mostly between $226 and $229. The CFTC commitment of traders report showed managed money accounts getting longer, adding 13,822 contracts to their net long position. The current managed money net position is now 118,856 contracts (largest since Oct 26, 2010 – 122,077 contracts). Estimated week to date slaughter including Saturday is 598K head, which is 14 K head less than a year ago
My thoughts:
If there is 14000 less steers killed this week than there was last year this time, there is a serious shortage of kill-able cattle. If I had some on feed that were fat enough to put on the show list, I'd want them offered.
Cattle futures settled $0.07 to $0.20 higher on the session and the front month gained 2.67% on the week. Front month feeders settled $0.20 higher today, and were 0.80% higher from Friday to Friday. Boxed beef prices keep on going, pushing to record highs again today. Choice boxes gained $2.92 today and were up 7.8% on the week. Select boxes gained 8.4% on the week than choice, and were up another $3.81 today. The choice/select spread is at $2.38. The CME feeder cattle index was down $0.02 at $171.32. The last reportable cash cattle trades were for an average of $142 in Texas and $141.5 in Kansas. Light trade in Nebraska was reported between $144 and $144.50. Colorado sales were four dollars higher than last week at $144. Wednesday was the last reported dressed sales market with prices mostly between $226 and $229. The CFTC commitment of traders report showed managed money accounts getting longer, adding 13,822 contracts to their net long position. The current managed money net position is now 118,856 contracts (largest since Oct 26, 2010 – 122,077 contracts). Estimated week to date slaughter including Saturday is 598K head, which is 14 K head less than a year ago
My thoughts:
If there is 14000 less steers killed this week than there was last year this time, there is a serious shortage of kill-able cattle. If I had some on feed that were fat enough to put on the show list, I'd want them offered.