Live cattle futures posted losses of 97 cents to $2.67 across most contracts on Friday. August was down $10.77 last week. Cash trade settled in at $238-240 in the north last week, with Southern trade at $237-238. Feeder cattle futures were down 65 cents to $2.20 on Friday, with August dropping back $8.65. Open interest was up 417 contracts, suggesting new selling. The CME Feeder Cattle Index was down another $1.49 on July 16 to $364.03.
The Friday Commitment of Traders report showed managed money cutting back another 16,997 contracts from their net long in live cattle futures and options to 96,324 contracts as of Tuesday. In feeder cattle futures and options spec funds were busy slashing another 3,810 contracts from the net long as of July 14 to 9,880 contracts.
Wholesale Boxed Beef prices were quoted lower in the Friday PM report. Choice boxes were $1.57 lower at $366.81, with Select down 40 cents to $355.29. USDA’s Federally inspected cattle slaughter for the week totaled 525,000 head through Saturday. That is down 4,000 head from the previous week and 42,470 head below the same week last year.
Aug 26 Live Cattle closed at $224.425, down $2.650,
Oct 26 Live Cattle closed at $220.700, down $2.575,
Dec 26 Live Cattle closed at $220.525, down $2.675,
Aug 26 Feeder Cattle closed at $345.950, down $0.650,
Sep 26 Feeder Cattle closed at $339.350, down $1.000,
Oct 26 Feeder Cattle closed at $332.825, down $1.625,
