Live cattle futures are trading with gain of 42 cents to $2.35 at midday. Sharp gains in the equities following the weekend deal between the US and Iran are providing spillover support. Cash trade finally picked up on Friday, to $255 across the country, with some picking up late to $257-258. Feeder cattle futures are rallying $4.10 to $5.32 at midday. The CME Feeder Cattle Index was back down $2.09 on June 10 to $368.01.
Managed money was trimming back 5,962 contracts from their net long position in the week that ended on June 9, taking it to 109,002 contracts in live cattle futures and options. CFTC data showed specs in feeder cattle futures and options adding just 77 contracts to their net long to 10,920 contracts by Tuesday.
Wholesale Boxed Beef prices were lower in the Monday AM report, with the Chc/Sel spread at $19.01. Choice boxes were up $2.45 to $394.38, while Select was $2.65 higher at $375.37. USDA’s federally inspected cattle slaughter for last week totaled 524,000 head. That is down 7,000 from the previous week and 36,282 head below the same week last year.
Jun 26 Live Cattle are at $250.300, up $0.425,
Aug 26 Live Cattle are at $242.700, up $1.525,
Oct 26 Live Cattle are at $236.150, up $2.350,
Aug 26 Feeder Cattle are at $361.525, up $4.100
Sep 26 Feeder Cattle are at $359.575, up $5.025
Oct 26 Feeder Cattle are at $356.250, up $5.325
