Feeder Cattle Futures PricesMon, Oct 24th, 2016
Latest Brugler Feeder Cattle Report
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Live cattle futures posted triple digit gains on Monday following a bull-friendly Cattle on Feed (COF ) report, despite beef supplies up 9.26% month/month and 4.49% year/year. Cash cattle traded at $102 in NE and CO on Saturday. Feeders were also sharply higher, but the October contract only picked up 50 cents at $122.375. The CME feeder cattle index for 10/21 was down $1.18 at $119.48. Boxed beef prices were higher in the Monday afternoon report, with choice $1.20 and select up 44 cents. COF on October 1 were 100.37% of a year ago. Placements were 98.15% of year ago, and Marketings were 105.48% vs. year ago. The On Feed number was below trade expectations due to the light placement figure. The Cold Storage report showed frozen beef stocks up 9.26% month/month, and up 4.49% from last October. So, we have fewer cattle in the pipeline than assumed, but more beef already in the cooler. Monday slaughter is estimated at 114,000 head, down 1,000 head vs. last week and up 4,000 head vs. a year ago.
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