Live cattle futures fell 82 cents to $1.67 on Friday, with June down $4.10 for the week. Cash trade this week ranged from $256 to $260, with southern prices at $256-$258 and northern prices at $258-$260. Feeder cattle futures also decreased, down $1.87 to $2.65, with the CME Feeder Cattle Index down $2.54 to $374.83 on May 7.
Managed money increased its net long position in live cattle futures by 5,374 contracts, totaling 141,965 contracts as of May 5. In feeder cattle, net long positions rose by 1,636 contracts to 18,725. USDA estimated weekly federally inspected cattle slaughter at 527,000 head, down 7,000 from the prior week and 33,823 head lower than the same week last year.
Wholesale Boxed Beef prices increased, with Choice boxes rising $1.45 to $388.39 and Select boxes up 59 cents to $385.01, creating a $3.38 premium in the Chc/Sel spread.
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