Live cattle futures opened on Monday, reporting losses between $2.47 and $3.12. Last week’s cash trade reached between $250 and $257 across the U.S. Feeder cattle futures experienced a decline of $6.07 to $7.50 by midday. The CME Feeder Cattle Index increased by $1.56, landing at $374.03 on April 30. The weekly OKC feeder cattle auction is expected to feature around 7,000 head available for sale.
As for the managed positions, net longs in live cattle futures and options grew by 1,796 contracts to reach 136,591 as of April 28. Conversely, in feeder cattle futures/options, spec funds reduced their net long by 1,676 contracts, settling at 17,089. The USDA estimated federally inspected cattle slaughter at 534,000 heads for the previous week—an increase of 5,000 from last week but 28,668 below the same week last year.
Wholesale Boxed Beef prices reported increases, with Choice boxes advancing by $2.54 to $390.65 and Select boxes rising $1.83 to $388.88.
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