Live cattle futures declined on Friday, with prices falling between 45 cents and $1.30. October futures dropped $6.20 over the past week. Open interest increased by 2,465 contracts on Friday. Cash trade saw sales of $222 nationally, while feeder cattle futures closed down $1.55 to $1.97 on Friday, with September down $8.12 for the week. The CME Feeder Cattle Index also decreased by 67 cents to $332.80 on August 27.
Data from the Commitment of Traders indicated that managed money reduced their net long positions in live cattle futures by 4,073 contracts to 57,441 as of Tuesday, while feeder cattle managed money cut back 1,784 contracts to a net long of 5,714 contracts as of August 25. The USDA estimated last week’s federally inspected cattle slaughter at 542,000 head, up by 19,000 from the previous week, but 24,581 below the same week last year.
Wholesale boxed beef prices showed mixed results on Friday; Choice boxes decreased by $5.13 to $376.23, whereas Select boxes rose by $1.89 to $361.89. In a separate development, President Trump announced plans to authorize legal documents to allow farmers and ranchers to process their own food, aiming to counter the perceived monopoly in the industry.
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