Live cattle futures closed lower on Friday, with losses ranging from 85 cents to $2.60. August futures ended the week down $8.07. Cash trades reported sales between $225-$228 in the North and $228 in the South. Feeder cattle futures also dropped, with August falling $10.82 to close at $340.825.
On Thursday, Tyson Foods announced the closure of its Joslin, IL plant, which processes 3,000 head per day, and plans to sell its Pasco, WA plant, processing 2,000 head per day. The Amarillo, TX plant will increase production after a recent cut.
As of August 11, managed money reduced its net long in live cattle by 1,405 contracts, totaling 64,662 contracts. The week’s USDA-inspected slaughter was estimated at 517,000 head—up 8,000 from last week but down 18,913 from the same week last year. Choice boxed beef prices declined by 60 cents to $375.30, while Select increased by $2 to $351.24.
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