As of June 26, live cattle futures are experiencing losses of 60 cents to $1.10, with June contracts priced at $255.200, down 0.625. Feeder cattle futures have also dropped, with August contracts at $368.800, down $1.625. The cash trade last week ranged between $258-260, but has yet to develop this week.
The USDA’s NASS Crop Progress report indicated that U.S. pasture ratings improved to 33% good/excellent, representing a 1% increase from the previous week. Managed money has increased their net long position in live cattle to 124,349 contracts, adding 15,347 contracts in the week ending June 16.
Wholesale Boxed Beef prices rose, with Choice boxes increasing by $4.20 to $400.26 and Select boxes rising $7.18 to $382.77. Estimated federally inspected cattle slaughter for Monday was 106,000 head, up 7,000 from the previous week but down 4,758 compared to the same time last year.
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