Live cattle futures declined on Friday, with contracts falling between 45 cents and $1.30, and October futures down $6.20 for the week. Cash sales were reported at $222 across the U.S. on Friday, while the Fed Cattle Exchange auction revealed dressed sales at $342 for 40 head and $223 for 174 head. Feeder cattle futures also decreased, with September futures down $8.12 this week. The CME Feeder Cattle Index dropped 67 cents to $332.80.
As of Tuesday, the Commitment of Traders data indicated that managed money reduced their net long position in live cattle futures and options by 4,073 contracts to 57,441 contracts. In feeder cattle, speculators cut back by 1,784 contracts, bringing their net long position to 5,714 contracts for the week ending August 25.
In related news, President Trump announced on Friday that he would authorize legal documents to allow farmers and ranchers to process their own food to counteract what he described as a powerful packer monopoly. Meanwhile, the USDA estimated this week’s federally inspected cattle slaughter at 542,000 head, an increase of 19,000 from the previous week, but still 24,581 head lower than the same week last year.
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