Live cattle futures experienced significant losses on Friday, with prices falling between 97 cents and $2.67 across most contracts. Specifically, August live cattle closed at $224.425, down $2.650, while feeder cattle futures also declined between 65 cents and $2.20. Cash trade prices ranged from $238 to $240 in the north, and from $237 to $238 in the southern regions.
The Commitment of Traders report indicated a reduction in managed money positions, with a cutback of 16,997 contracts in live cattle, bringing the total to 96,324 contracts. In feeder cattle, spec funds decreased their net long by 3,810 contracts to 9,880. USDA reported that the weekly federally inspected cattle slaughter totaled 525,000 head, down 4,000 head from the previous week and 42,470 head below the same week last year.
Wholesale Boxed Beef prices were also reported lower, with Choice boxes at $366.81 (down $1.57) and Select at $355.29 (down $0.40). The CME Feeder Cattle Index fell by $1.49 to $364.03 on July 16.
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