Cattle Close Mostly Higher

Live cattle futures came back from midday lows and ended the week on a high note with Friday gains of 22 to 82 cents in the nearbys. Feb futures were $1.075 lower wk/wk. As for nearby feeder futures, prices made a turnaround since posting midday losses and ended the Friday session with gains of 7 to 17 cents, save for Jan futures which were down by 7. The Friday drop also put futures $2.25 lower on the week. The CME Feeder Cattle index was down by 61 cents on 01/16 to $145.74. Within the weekly CoT report, cattle spec traders were more net long wk/wk, open interest was up 3,427 contracts wk/wk. As for feeder cattle, managed money was shown at 6,913 contracts long following a 1,606 contract strengthening in their position wk/wk. The USDA noted that Friday sales were mostly low, in the South and in NE sales were made at $124, and dressed went for $199 to $200. Afternoon boxed beef prices were higher. Choice boxes were $1.27 higher, and select boxes were up by $1.28. Weekly cattle slaughter through Saturday was estimated at 631,000 head. That is a 9,000 head reduction from last week’s pace but is 5,000 head more than the same week last year.

Feb 20 Cattle closed at $126.350, up $0.225,

Apr 20 Cattle closed at $127.250, up $0.825,

Jun 20 Cattle closed at $119.200, up $0.350,

Jan 20 Feeder Cattle closed at $145.350, down $0.075

Mar 20 Feeder Cattle closed at $145.000, up $0.175

Apr 20 Feeder Cattle closed at $147.875, up $0.075

---provided by Brugler Marketing & Management

Market Commentary provided by:

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