Live cattle futures saw increases ranging from $1.05 to $1.42 last week, while the nearby October contract fell by 20 cents. Cash trade was recorded at $345-350 dressed in the North, with live sales between $222-223. Open interest climbed by 722 contracts on Friday. In feeder cattle futures, prices surged between $1.17 and $3.90, with a $2.95 overall weekly gain for the nearby contract.
As of August 31, U.S. beef stocks reached 407.12 million lbs, marking a 5.16% rise from last year and a 2.22% increase from July. The CFTC reported that managed money added 1,721 contracts to their net long position in live cattle, reaching a total of 41,743 contracts. Federally inspected cattle slaughter was estimated at 484,000 head for the week, down 45,000 from last week and 74,540 from the same week last year.
Wholesale Boxed Beef prices showed mixed results, with the Choice index up $2.71 to $378.83, while Select rose $3.66 to $355.76. Recent ICE raids in Kansas have disrupted operations at several packing plants, contributing to fluctuating market dynamics.
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