On Tuesday, live cattle futures rose by $2.75 to $3.60, while feeder cattle futures increased by $4.05 to $4.50. Last week’s cash sales were reported at $230-232 in the North and $222-225 in the South. The CME Feeder Cattle Index also saw a rise, reaching $312.04.
According to CFTC data, speculative funds reduced their net long positions in live cattle futures options by 3,431 contracts to a total of 129,462. For feeder cattle, managed money decreased their net long by 1,620 contracts, bringing the total to 33,886 contracts.
The USDA reported that on Monday, estimated cattle slaughter was 114,000 head, 4,000 below last week but 1,934 above the same day last year. Wholesale boxed beef prices were mixed, with Choice boxes up $3.28 to $394.26 and Select boxes up $1.98 to $379.51/cwt, widening the Chc/Sel spread to $14.75.
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