Live cattle futures showed mixed results, with prices fluctuating between a 52-cent increase and 20 cents lower. For the week ending August 26, August contracts rose $4.67, while feeder cattle futures gained between 87 cents and $1.55, with August seeing a total weekly gain of $2.70. The CME Feeder Cattle Index fell $1.86 to $345.83 as of July 30.
The Commitment of Traders report released on Friday indicated that managed money reduced their net long position in live cattle futures and options by 8,840 contracts, bringing the total to 66,523 contracts as of Tuesday. In feeder cattle futures, spec funds cut 482 contracts from their net long position to 7,423 contracts by July 28.
Wholesale boxed beef prices increased, with choice boxes up 88 cents to $361.38 and select boxes up $4.90 to $346.23. The USDA reported a federally inspected cattle slaughter of 512,000 head for the week, which is a decrease of 16,000 head from the previous week and 24,919 head below the same week last year.
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