Live cattle futures are down 70 cents to $1.15 at midday. Cash trade was quiet last week, with a few sales of $190 in the South and $197-198 in the North, both a $1-2 improvement from the week prior. Feeder cattle futures are getting some pressure, with contracts down $2.30 to $2.85. The CME Feeder Cattle Index was down 22 cents at $258.84 on July 25.
Commitment of Traders data showed managed money in live cattle futures and options adding 3,636 contracts their net long as of July 23 to 61,876 contracts. In feeders, they trimmed back their net long by 420 contracts to 3,285 contracts.
USDA wholesale Boxed Beef prices were mixed in the Monday AM report. Choice boxes were down 2 cents at $313.75, with Select products up $2.61 @ and back above the $300 level at $300.07. The Chc/Sel spread has narrowed to $13.68. USDA estimated last week’s FI slaughter at 600,000 head. That is 16,000 head above last week and 15,823 head below a year ago.
Aug 24 Live Cattle are at $187.875, down $0.700,
Oct 24 Live Cattle are at $187.475, down $1.075,
Dec 24 Live Cattle are at $188.150, down $1.150,
Aug 24 Feeder Cattle are at $257.250, down $2.450
Sep 24 Feeder Cattle are at $256.750, down $2.850
Oct 24 Feeder Cattle are at $256.000, down $2.300
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