Cattle Markets Rally Late Week

October 21, 2016 03:51 PM
BT Feedlot Hereford Steers Fat Cattle

CME cattle futures followed Thursday’s limit up trading with solid gains again in action Friday. The nearby October contract closed up $2.12 at $101.15. Feeder cattle futures also post gains, with nearby October up $0.12.

The bullish ideas in Chicago helped lift cash cattle prices on the High Plains off the six-year lows established last week. Friday saw a few trades at $98 to $99.50, which is $1.50 higher than last week. USDA’s five-area average was $98.24.

Friday’s USDA cattle on feed report found 10.3 million cattle in U.S. feedlots, slightly more than the same time a year ago. September placements were 1.91 million head, down 2% from 2015. USDA says September placements were the lowest since the data series began in 1996. Marketings of fed cattle during September totaled 1.73 million head, 5 percent above 2015.

Market analysts are calling the Cattle on Feed report neutral to friendly on the lighter than expected placement numbers.

Feeder cattle traded in a wide, mixed range at $2 higher to $7 lower. USDA reported steer and heifer calves sold mostly 3.00 to 6.00 lower, with unweaned calves selling up to 10.00 lower. 

Back to news




Spell Check

No comments have been posted to this News Article