Live cattle futures closed lower on Friday, with prices dropping between $3.80 and $4.50. April contracts were up $2.35 for the week, while open interest fell by 3,008 contracts. Cash trade settled at $240 nationwide, with some sales in northern areas reaching $241-242. Feeder cattle futures also declined, with contracts dropping by $6.97 to $7.42; May was marginally up by 20 cents compared to the previous Friday.
The Commitment of Traders report indicated that managed money reduced its net long position in live cattle futures and options by 4,494 contracts to a total of 114,519 contracts. In feeder cattle, spec funds cut back 206 contracts to reach a net long of 17,956 contracts. USDA estimated this week’s federally inspected cattle slaughter at 521,000 head, which is 2,000 above last week but 58,267 shy of the same week last year.
Wholesale Boxed Beef prices showed mixed results, with Choice boxes rising 33 cents to $387.22, while Select boxes fell $1.66 to $378.95. The Chc/Sel spread widened to $8.27.
