Live cattle futures posted gains on Friday, with contract prices advancing between 20 cents and $1. Spot trade opened with activity at $186 per hundredweight in the Southern region, up $1 on the week, while Northern markets settled at $296, an increase of $2 from the prior session. Feeder cattle futures also found strength, rising 45 cents to $2.225, though the CME Feeder Cattle Index dipped to $246.78 as of October 3.
CFTC data revealed that speculators increased their net long positions in live cattle futures and options by 11,180 contracts to 63,404 as of October 1. Similarly, feeder cattle net long positions grew by 3,674 contracts to 5,701.
USDA wholesale Boxed Beef prices strengthened in the Friday afternoon report, with Choice grades rising $2.78 to $302.58 per cwt and Select up $4.32 to $287.61. The Choice-Select spread narrowed to $14.97. Federally inspected cattle slaughter totaled 611,000 head for the week, representing a decrease of 1,000 head from the previous week and 16,495 head fewer than the same period last year.
October 24 live cattle contracts closed at $187.000, up $1.000; December 24 at $187.000, up $0.600; and February 25 at $187.950, up $0.200. Feeder cattle also advanced, with October 24 at $249.625, up $0.650; November 24 at $249.275, up $1.150; and January 25 at $244.375, up $1.825.
