Live cattle futures experienced significant losses on Friday, with prices dropping between $1.05 to $1.30. August futures saw a slight decrease of $0.05, bringing the week’s total decline to $4.02. Cash trade values fell to $247-248 nationally, reflecting a $7-8 drop from the previous week. Open interest in live cattle futures decreased by 3,470 contracts, indicating that long positions are being exited.
In feeder cattle futures, losses ranged from $1.12 to $1.97, with August futures down $6.025 for the week. The CME Feeder Cattle Index also declined, dropping $4.03 to $370.42 as of July 9. The Commitment of Traders report showed that managed money reduced their net long positions in live cattle by 5,982 contracts, bringing the total to 113,321 contracts.
Moreover, USDA’s federally inspected cattle slaughter reached 529,000 head last week, an increase of 71,000 from the prior week due to the holiday, but still 42,565 heads lower compared to the same week last year. Boxed beef prices showed slight gains, with Choice boxes up $1.87 to $382.68 and Select up $4.84 to $368.33.
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