Live cattle futures settled mixed, down 30 cents to up 35 cents. The June 182 calls ended up in the money at expiration, while the 182 puts expired worthless. Cash cattle trade picked up yesterday, with $185 to $190 reported in Kansas and Texas. Most were at the $185 end, $1 below last week. Some northern trades were reported this afternoon between $298 and $301. Feeder futures got a lift from lower feed costs today, with prices up $1.35 to $2.07 at settlement. The CME Feeder Cattle Index was up 66 cents at $251.20.
USDA’s Wholesale Boxed Beef prices were higher in the Friday afternoon report, with choice quoted $.54 higher at $316.75 and select carcasses up 31 cents at $301.14 per 100 pounds on average. USDA estimated Friday FI cattle slaughter at 118,000 head, taking the weekly total to 614,000 head including a 7,000 head Saturday estimate. That is down 2,547 head from the same week last year.
Friday’s Commitment of Traders disaggregated report showed the managed money spec funds net long 52,741 contracts of futures and options on June 4, a reduction of 5,815 contracts for the reporting week.
Jun 24 Live Cattle closed at $182.175, up $0.350,
Aug 24 Live Cattle closed at $177.175, down $0.300,
Oct 24 Live Cattle closed at $179.675, up $0.025,
Aug 24 Feeder Cattle closed at $254.925, up $2.075,
Sep 24 Feeder Cattle closed at $255.850, up $1.750,
Oct 24 Feeder Cattle closed at $256.450, up $1.500,
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