Live cattle futures suffered losses on Friday, with prices dropping between 97 cents to $2.67 across most contracts. Notably, August cattle futures fell $10.77 this week. Cash trade for cattle settled at $238-$240 in the north and $237-$238 in the south. Feeder cattle futures also declined, with drops of 65 cents to $2.20.
The latest Commitment of Traders report revealed managed money reduced their net long positions in live cattle futures and options by 16,997 contracts, totaling 96,324 contracts, as of Tuesday. In feeder cattle, spec funds decreased their net long positions by 3,810 contracts to 9,880 contracts.
Wholesale boxed beef prices indicated a downward trend, with choice boxes priced at $366.81 (down $1.57) and select boxes at $355.29 (down 40 cents). USDA reported a total of 525,000 head of cattle were slaughtered through Saturday, down 4,000 from the previous week and 42,470 below the same week last year.
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