Live cattle futures gained 35 to 50 cents on Friday, with cash trade recorded at $235 live and $370 dressed nationwide. Feeder cattle futures rose $2.95 to $3.65, with August futures closing up $3.625. The CME Feeder Cattle Index reported a rise to $357.36 on August 6.
The latest Commitment of Traders report revealed that managed money reduced their net long positions in live cattle futures by 456 contracts, totaling 66,067 contracts as of Tuesday. Conversely, feeder cattle futures saw an increase of 1,182 contracts, bringing the net long to 8,605 contracts as of August 4.
Wholesale boxed beef prices increased, with choice boxes up 50 cents to $364.36 and select boxes rising $2.59 to $352.37. The USDA reported an estimated cattle slaughter of 509,000 head for the week, which is down 3,000 head from the previous week and 27,811 head from the same period last year.
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