The Cattle Range Home Page
February 16th
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.Closing Cattle & Grain Futures Summary

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Closing Futures Summary
Brugler Marketing & Management LLC
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Live cattle futures settled the day with slight to 82.5 cent gains in most contracts. Feeder cattle futures were mixed, with nearby March 10 cents lower. Feb live cattle were up 2.83% since last week, with March feeders 2.41% higher. The CME feeder cattle index was up 45 cents on February 15 at $148.15. Wholesale boxed beef values were mixed on Friday afternoon. Choice boxes were up 84 cents at $209.88, with Select boxes 2 cents lower at $205.12. Estimated weekly FI cattle slaughter is 596,000 head through Saturday. That is up 5,000 from the previous week and 20,000 head more than the same week last year. Cash trade was shown at $130 across most regions on Friday, with dressed trade at $205 in the north.
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Lean hog futures finished Friday with losses of 35 cents to $1.575. The CME Lean Hog Index on February 14 was $73.49, down 52 cents from the previous day. The USDA pork carcass cutout value was 35 cents higher at $77.34 in the Friday PM report. The ham and picnic were the only primals reported lower. The national base hog weighted average price was down 95 cents at $64.82 this afternoon. The USDA estimated week to date FI hog slaughter at 2,384,000 through Saturday. That is down 5,000 head from the previous week but 28,000 head more than the same time last year. Money managers in lean hog futures and options cut 18,477 contracts off their net long position during the week that ended 2/13. That net position of 20,797 contract was the smallest net long position since May 9, 2017.
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Corn futures closed the Friday session with fractional losses, as nearby March was 1.52% higher on the week. The USDA reported a private export sale of 116,000 MT of 17/18 corn to Japan through their daily reporting system this morning. Export commitments of corn are now 69% of the full year USDA forecast. Last year at this time was 76% complete, with the average running 70% for this week. This afternoon’s CFTC Commitment of Traders report showed spec funds in corn futures and options trimming their net short position by 72,310 contracts. Their net position as of Feb 13 was -10.614 contracts. Brazil’s 17/18 corn production number was updated to 89.463 MMT by analysts with Safras & Mercado on Friday.

Wheat futures ended Friday with KC fractionally mixed, as most CBT and MPLS contracts were 3-4 cents lower. The markets will be closed on Monday in observance of Presidents Day. Informa expects to see the spring wheat acreage for this year’s crop hit 11.25 million acres, up a little from 2017 acres. Their total acreage number for all wheat is 46.14 million acres, slightly above last year. Typically export commitments are 89% of the USDA export projection by this time, with last year at 91%. This year, however, is only 82% of the number. The COT report showed spec funds in CBT wheat options and futures lower their net short position by 26,563 contracts to -56,831 contracts as of 2/13.

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