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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.
Oct 16 Cattle settled at $103.125, up $1.975,
Dec 16 Cattle settled at $104.250, up $2.375,
Feb 17 Cattle settled at $104.625, up $1.825,
Oct 16 Feeder Cattle settled at $122.375, up $0.500
Nov 16 Feeder Cattle settled at $122.525, up $2.825
Jan 17 Feeder Cattle settled at $118.075, up $2.575