Live cattle futures showed mixed results on Monday, July 3, with August futures down 12 cents at $239.100, while October futures rose by 35 cents to $234.650, and December futures increased by 25 cents to $234.475. Cash cattle trade last week included northern dressed prices at $403 and live trade at $255-256, while southern trade was steady at $255. Feeder cattle futures fell between 12 to 77 cents, with August contracts closing at $360.500.
According to the USDA’s weekly NASS Crop Progress report, 33% of US pastures were rated in good or excellent condition, a decline of 1% from the previous week. The Brugler500 index increased by 3 points to 288. In a significant shift, managed money reduced their net long positions in live cattle futures by 6,722 contracts to 119,303 as of last Tuesday.
Wholesale Boxed Beef prices also declined, with Choice boxes down 59 cents at $386.48 and Select boxes falling $1.56 to $365.87. Federal inspections estimated a cattle slaughter of 10,000 head on Monday, a decrease of 1,000 from the prior week and 10,141 below the same week last year.
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