Cattle futures closed in positive territory as positioning ahead of the Cattle on Feed report dominated the day.
Cattle futures closed in positive territory as positioning ahead of the Cattle on Feed report dominated the day. October live cattle futures were lower for the week while December and later contracts improved, slightly maintaining a sideways range. Feeder cattle futures were not as fortunate with slightly lower prices for the week in all contracts.
Cash cattle trade showed little activity with business being pushed to the extreme end of the week. Confirmed cash sales took place at $111. The August Cattle on Feed report was bearish with cattle on feed on Sept. 1 at 106% of a year ago, totaling 11.1 million head. This was at the top of the range of estimates and 0.7% above the average guess.
This is the highest Sept. 1 inventory since the series began in 1996. Placements were at 107%, also at the top of the range of estimates and 4% above the average guess. Marketings were 100.0%, totaling 1.98 million head, and at the low end of the estimates, but nearly in line with the average trade guess.
Corn futures closed 4.75 cents higher, increasing three consecutive days.