On Friday, live cattle closed lower with losses ranging from 12 to 70 cents, while August remained up $1.35 for the week. Cash trade was light, with Kansas trades at $230-231 and northern trades at $240-242. Feeder cattle also posted losses between $1 and $1.50, ending August down $1.32 for the week. The CME Feeder Cattle Index increased by 11 cents to $322.28 as of July 17.
As of July 15, the CFTC’s Commitment of Traders report showed managed money increased their net long in feeder cattle futures and options by 79 contracts to 37,569 contracts, while spec funds added 4,063 contracts to their net long in live cattle, reaching 132,486 contracts. The USDA reported mixed wholesale boxed beef prices with Choice boxes up by $0.27 to $375 and Select boxes down $2.35 to $351.49/cwt. Estimated cattle slaughter for the week was 563,000 head, which is down 5,000 from last week and 26,374 lower compared to the same week last year.
