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Cattle Mixed at Close
Alan Brugler - BRUG - Fri Oct 23, 4:44PM CDT

Cattle closed mixed ahead of the COF report, with 2 to 10 cent gains in 2020 expiry months. The back months were 15 to 60 cents in the red. Feeder cattle went into the weekend with 30 to 77 cent losses. For Dec feeders that was a weekly drop of 4%. The 10/22 Feeder Cattle Index dropped another $1.52 to $134.01. The bulk of the week’s Northern deals were near $104, between $102 and $106. The bulk of Southern trade was near $106, from $104-$106.50. The Commitment of Traders report showed a 21,097 contract reduction to managed money’s net long in cattle. For feeders, CFTC data showed managed money extended the net short to 8,531 contracts. USDA said there were 11.717m head on feed on Oct 1, which was 3.8% higher yr/yr and about 100k more than the average of pre report estimates. Sept placements were 73k head above the trade average guess with 2.227 million head placed. That was up 5.9% yr/yr, and the largest sept placements since 2011. Marketings were down from August, but 6.21% higher yr/yr with 1.846 million head. Wholesale boxed beef prices were mixed tightening the spread to $16.09. Choice boxes were $207.49 cwt, down by $1.37. Select boxes were up 32 cents. USDA estimated the week’s FI cattle slaughter at 643,000 head through Saturday. That was up 3k yr/yr, but YTD still trails by 3.8%.

Oct 20 Cattle closed at $103.350, up $0.025,

Dec 20 Cattle closed at $103.575, up $0.100,

Feb 21 Cattle closed at $106.625, down $0.150,

Oct 20 Feeder Cattle closed at $133.525, down $0.300

Nov 20 Feeder Cattle closed at $129.650, down $0.775

Jan 21 Feeder Cattle closed at $125.550, down $0.650

--- provided by Brugler Marketing & Management

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