Live cattle futures showed mixed results as of Monday, with August contracts down 12 cents, while other months increased between 12 and 55 cents. Open interest rose by 1,342 contracts. Cash cattle trade last week closed at $403 dressed in the north and $255-256 live, with southern trade at $255. Feeder cattle futures traded lower, down 12 to 77 cents, and the CME Feeder Cattle Index decreased by $1.52 to $371.11.
The USDA’s NASS Crop Progress report indicated a decline in US pasture ratings, now at 33% good/excellent, down 1% from the previous week. Managed money reduced their net long positions in live cattle futures by 6,722 contracts to 119,303 as of last Tuesday. The USDA estimated Monday’s cattle slaughter at 10,000 head, which is 1,000 lower than the previous week and 10,141 head below last year’s numbers.
Wholesale Boxed Beef prices fell, with Choice boxes decreasing 59 cents to $386.48 and Select boxes down $1.56 to $365.87, resulting in a Chc/Sel spread of $20.61. Key closing prices included Aug 26 Live Cattle at $239.100, Oct 26 at $234.650, and Dec 26 at $234.475, while Aug 26 Feeder Cattle closed at $360.500, Sep 26 at $357.875, and Oct 26 at $354.800.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
