**Cattle Market Update**
Live cattle futures experienced gains ranging from 27 cents to $1.67 across most contracts, with August recording a total gain of $2.65 this week. Cash trade rates for cattle were reported at $230-231 nationally. Feeder cattle futures also showed positive movement on Friday, with increases of $1.17 to $2.97, although August feeder contracts dipped 62 cents compared to last week.
A Wall Street Journal report noted that the U.S. plans to resume imports of Mexican cattle in 30 days through the Douglas, AZ port, with additional ports in New Mexico adding to the effort later. Cattle on Feed data for June revealed a 2.91% decrease in placements from last year, totaling 1.399 million head, while July 1 on feed data increased by 2.21% to 11.37 million head. Additionally, USDA’s Cold Storage data indicated a 3.43% reduction in beef stocks since the end of May, with totals at 389.23 million lbs.
The latest Commitment of Traders report showed managed money reducing their net long positions in live cattle futures to 75,363 contracts by Tuesday, down 20,961 contracts. For feeder cattle, there was a reduction of 1,975 contracts to a net long of 7,905. USDA reports indicated a cattle slaughter for the week at 528,000 head, which is up 3,000 from the previous week but 15,766 lower than the same week last year.
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