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. The 10/22 Feeder Cattle Index dropped another $1.52 to $134.01. The bulk of the Northern deals were near $104, with $106 for Southern trade last week. The full range was $102 to $106.50 LW. 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. That was 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 @ 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 last week’s FI cattle slaughter at 643,000 head. That was up 3k yr/yr, but YTD still trails by 3.8%.
--- provided by Brugler Marketing & Management
