Live cattle futures fell between $1.22 and $2.15 at midday on Tuesday, with cash trade from the previous week reported at $260 to $265, declining to $258-260 in late sales. Feeder cattle futures also dropped by $2 to $2.35. The CME Feeder Cattle Index decreased by $2.52 to $368.20 on May 21.
According to CFTC data as of Tuesday, managed money reduced their net long positions in live cattle futures and options by 773 contracts, totaling 130,113 contracts. In contrast, net longs in feeder cattle futures increased by 1,194 contracts to reach 16,380 contracts. The USDA reported that April placements were 1.702 million head, a 5.52% increase from last year, and May 1 on-feed inventory stood at 11.584 million head, up 1.83% year-over-year.
As of April 30, beef stocks were recorded at 408.34 million lbs, marginally rising by 0.34% from March but down 2.6% from the prior year. USDA estimated last week’s federally inspected cattle slaughter at 528,000 head, down 7,000 head from the previous week and 48,278 head below the same week last year.
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