Live Cattle futures closed lower on Monday, with contracts decreasing by 25 to 72 cents. Cash trade fell last week, reporting $236 ($376 dressed) in the north, down $4-6, and $228-231 in the south, down $5. Feeder cattle futures experienced slight gains, closing up 35 to 50 cents. The CME Feeder Cattle Index decreased by 14 cents to $310.85, and the weekly OKC feeder cattle auction sold an estimated 4,422 head, steady for steers, while calves fell $5-10.
According to the delayed Monday afternoon Commitment of Traders report, managed money cut their net long position in live cattle futures and options by 2,586 contracts to 135,250 by last Tuesday, and reduced their position in feeder cattle by 104 contracts to 35,858 by June 17th. National Wholesale Boxed Beef prices were mixed, with Choice boxes down 28 cents to $390.22 and Select up $6.15 to $383.10. USDA estimated Monday’s cattle slaughter at 111,000 head, 8,000 above last week but 2,292 below the same week last year.
Jun 25 Live Cattle closed at $222.300, down $0.725; Aug 25 Live Cattle closed at $209.375, down $0.450; Oct 25 Live Cattle closed at $207.100, down $0.250. Aug 25 Feeder Cattle closed at $302.800, up $0.350; Sep 25 Feeder Cattle closed at $302.625, up $0.400; Oct 25 Feeder Cattle closed at $300.850, up $0.500.
