Live cattle are down $2.50 to $3, with June slipping 60 cents ahead of expiration on Tuesday. Cash trade saw volume pick up late on Friday to $260 live and $408-410 dressed in the north, with a few sales at $258 in the South. Feeder cattle futures are down $3 to $3.75 at midday. The CME Feeder Cattle Index was down 97 cents on June 24 to $380.89.
Commitment of Traders data showed managed money adding a modest 1,676 contracts to their net long position in live cattle futures and options at 126,025 contracts. In feeder cattle, specs were adding 2,104 contracts to 15,227 contracts.
Wholesale Boxed Beef prices were lower in the Monday AM report, with the Chc/Sel spread at $16.27. Choice boxes were up $1.53 at $392.56, with Select $4.71 higher to $376.29. USDA’s federally inspected cattle slaughter for last week was estimated at 537,000 head. That was up 9,000 from the previous week but 24,022 head below the same week last year.
Jun 26 Live Cattle are at $256.850, down $0.600,
Aug 26 Live Cattle are at $242.825, down $3.000,
Oct 26 Live Cattle are at $236.400, down $2.800,
Aug 26 Feeder Cattle are at $366.100, down $3.750
Sep 26 Feeder Cattle are at $364.225, down $3.450
Oct 26 Feeder Cattle are at $361.525, down $3.075
