Live cattle futures are showing 5 to 40 cent gains so far on Monday. Cash trade was at $232-233 last week, with a few at $235. Early bids are surfacing at $233 this week. Feeder cattle futures are slipping at midday, with contracts steady to 45 cents lower. The CME Feeder Cattle Index was back down $1.86 on July 30 to $345.83.
The Friday Commitment of Traders report showed managed money cutting back another 8,840 contracts from their net long in live cattle futures and options to 66,523 contracts as of Tuesday. In feeder cattle futures and options spec funds were trimming 482 contracts from the net long as of July 28 to 7,423 contracts.
Wholesale Boxed Beef prices were mixed in the Monday morning report. Choice boxes were up $5.36 at $366.74, with Select $2.25 lower to $343.98. USDA’s Federally inspected cattle slaughter last week at 512,000 head through Saturday. That is down 16,000 head from the previous week and 24,919 head below the same week last year.
Aug 26 Live Cattle are at $232.125, up $0.375,
Oct 26 Live Cattle are at $227.650, up $0.400,
Dec 26 Live Cattle are at $227.000, up $0.050,
Aug 26 Feeder Cattle are at $347.775, down $0.250
Sep 26 Feeder Cattle are at $343.325, down $0.450
Oct 26 Feeder Cattle are at $335.350, down $0.000
