Cattle Pull Off Lows, but Still Pressured on Friday

Live cattle futures continued their collapse on Friday, though most contracts were well off the lows by the close. August was down 70 cents, with other contracts were down $1.50 to $2.50 as weaker economic data and losses in the stock market weighed on things. Cash trade rounded out the week with $188 sales in south and $194-196 in the North, $2 lower on the week. Feeder cattle futures pulled off the early session lows to close with losses of $3.50 to $4.50 in most front months.  The CME Feeder Cattle Index was down 10 cents at $257.72 on August 1. 

CFTC data from Friday afternoon showed spec traders adding 13,837 contracts to their net long position as of 75,713 contracts as of Tuesday. In Feeder cattle, money managers were cutting 1,075 contracts from their net long to 2,210 contracts by July 30.

USDA wholesale Boxed Beef prices were mixed in the Friday afternoon report. Choice boxes were up 98 cents at $313.77, with Select products 29 cents lower @ $297.17. The Chc/Sel spread widened to $16.60.  USDA estimated this week’s FI slaughter at 593,000 head. That is down 7,000 head from last week and 22,321 head below the same week a year ago. 

Aug 24 Live Cattle  closed at $184.100, down $0.700,

Oct 24 Live Cattle  closed at $182.075, down $1.650,

Dec 24 Live Cattle  closed at $182.200, down $2.400,

Aug 24 Feeder Cattle  closed at $249.650, down $3.500,

Sep 24 Feeder Cattle  closed at $248.150, down $3.650,

Oct 24 Feeder Cattle  closed at $246.575, down $4.300,

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