Live cattle futures closed lower on Friday, with contracts dropping $2 to $2.30, and October futures down $6 last week. Cash cattle prices averaged $240 nationwide, a decline of $2 from the previous week. The CME Feeder Cattle Index fell by 40 cents to $363.08 as of September 11. USDA’s estimated federally inspected cattle slaughter for the week totaled 561,000 head, down 62,990 from the same week last year.
Managed money added 561 contracts to their net long position in live cattle futures and options, bringing the total to 131,003 contracts. In contrast, spec traders reduced their net long position in feeder cattle by 2,739 contracts, bringing it down to 25,636 contracts. As a result, feeder cattle futures closed down significantly, with September falling $4.82 to $350.40, while October fell $6.55 to $345.80.
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