Live cattle futures are trading with contracts steady to 65 cents at midday. Cash trade was at $247-248 across the country, a $7-8 drop from last week. Feeder cattle futures are 95 cents to $1.45 higher at midday. The CME Feeder Cattle Index was back down $4.03 on July 9 to $370.42.
The Friday Commitment of Traders report showed managed money trimming 5,982 contracts from their net long in live cattle futures and options to 113,321 contracts as of Tuesday. In feeder cattle futures and options spec funds were busy cutting back 1,374 contracts from the net long as of July 7 to 13,690 contracts.
Wholesale Boxed Beef prices were lower in the Monday AM report, with the Chc/Sel spread at $12.11. Choice boxes were down $2.59 at $380.09, with Select 34 cents lower to $367.99. USDA’s Federally inspected cattle slaughter last week was 529,000 head. That is up 71,000 head from the previous week due to the holiday but 42,565 head below the same week last year.
Aug 26 Live Cattle are at $235.200, up $0.000,
Oct 26 Live Cattle are at $231.175, up $0.625,
Dec 26 Live Cattle are at $230.825, up $0.550,
Aug 26 Feeder Cattle are at $356.050, up $1.450
Sep 26 Feeder Cattle are at $352.400, up $1.375
Oct 26 Feeder Cattle are at $348.300, up $0.950
