Live cattle futures closed down on Friday, June 9, with contracts falling $1.05 to $1.625. August futures experienced a minor decline of 47 cents last week. Cash trade improved to $255 nationwide, with some areas in the North reaching $256. Feeder cattle futures saw declines between $1.77 and $2.30, despite a $3.525 gain last week. The CME Feeder Cattle Index dropped by $2.09 to $368.01 on June 10.
On the same day, JBS announced the planned closure of its Souderton, PA slaughter plant, which has a daily kill capacity of over 2,000 head. USDA reported that federally inspected cattle slaughter totaled 524,000 head for the week, a decline of 7,000 from the previous week and 36,282 head fewer than the same week last year.
Managed money cut back 5,962 contracts from their net long position in live cattle futures, reducing it to 109,002 contracts for the week ending June 9. In feeder cattle futures, speculators increased their net long position by just 77 contracts to reach 10,920 contracts.
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