Cash Cattle Gives Futures a Boost

Live cattle futures followed the cash strength on Friday, as contracts closed out the week with gains of $1.92 to $3.67. Contracts are up anywhere from $1.97 in June to $3.75 in other front months. Cash trade was strong this week, with a few sales at $186 reported in KS by USDA and some up to $195. USDA also indicated $192-196 trade in NE and a couple in the $197 range. Feeder cattle futures rallied for gain of $3.72 to $4.50 into the Friday close, as that took the August contact to a weekly move of +$7.05.  The CME Feeder Cattle Index was up 27 cents on June 13 at $256.13. 

Specs in live cattle futures and options cut back 4,252 contracts from their net long position in the week of 6/11, according to CFTC data. They held a net long of 48,489 contracts on that date. 

USDA reported wholesale Boxed Beef prices pushing higher on Friday afternoon. Choice boxes were up $1.58 to $319.89, with Select $4.56 higher at $303.81. The Chc/Select spread narrowed to $16.08.  USDA estimated FI slaughter at 615,000 head for the week through Saturday.  That is up 1,000 head from the previous week but was 11,124 head below the same week last year.  

Jun 24 Live Cattle  closed at $186.825, up $2.000,

Aug 24 Live Cattle  closed at $183.175, up $3.675,

Oct 24 Live Cattle  closed at $184.850, up $3.150,

Aug 24 Feeder Cattle  closed at $261.975, up $4.500,

Sep 24 Feeder Cattle  closed at $262.700, up $4.400,

Oct 24 Feeder Cattle  closed at $263.100, up $4.375,

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