Live cattle futures are currently mixed, with contracts ranging from 75 cents lower to 20 cents higher. Last week’s cash trade reported cattle prices between $248 and $250 in the Southern U.S. and around $249 to $250 in the North. The CME Feeder Cattle Index rose by $2.57 to $366.67 on April 9, while the OKC feeder cattle auction saw 5,000 head available for sale.
As of April 7, CFTC data indicated managed money held a net long position of 133,265 contracts in live cattle futures, a weekly increase of 9,523 contracts. In feeder cattle, speculators added 91 contracts to their net long position, bringing the total to 20,202 contracts. USDA estimated last week’s federally inspected cattle slaughter at 512,000 head, down 21,000 from the previous week and 41,972 lower than the same week last year.
Wholesale Boxed Beef prices increased, with Choice boxes up $1.07 to $381.97 and Select boxes up $3.17 to $384.51.
