Live cattle futures are down $1.02 to $1.30 at midday. Cash was picked up last week at $403 dressed in the north, with live trade at $255-256. Southern trade was $255. Feeder cattle futures are up 17 to $1.27 lower. The CME Feeder Cattle Index was back down $1.52 on July 3 to $371.11.
The weekly NASS Crop Progress report showed the US pasture rating at 33% gd/ex, down 1% from the week prior. The Brugler500 index was up 3 points to 288.
Managed money in live cattle futures and options trimmed back their net long by 6,722 contracts to 119,303 contracts as of last Tuesday. CFTC data showed spec funds in feeder cattle and futures cutting 163 contracts from their net long to 15,064 contracts.
Wholesale Boxed Beef prices were higher in the Tuesday morning report, with the Chc/Sel spread at $17.42. Choice boxes were up $1.30 at $387.78, with Select $4.49 higher to $370.36. USDA’s federally inspected cattle slaughter for Monday was estimated at 10,000 head. That was down 1,000 from the previous Monday and 10,141 head below the same Monday last year.
Aug 26 Live Cattle are at $237.800, down $1.300,
Oct 26 Live Cattle are at $233.500, down $1.150,
Dec 26 Live Cattle are at $233.450, down $1.025,
Aug 26 Feeder Cattle are at $360.675, up $0.175
Sep 26 Feeder Cattle are at $357.125, down $0.750
Oct 26 Feeder Cattle are at $353.525, down $1.275
