Live cattle futures closed up 12 cents at $1.12 on Friday, June 26, following a week that saw an increase of $1.82. Cash trade reached $258, with the Thursday Fed Cattle Exchange reporting sales of 194 out of 388 heads offered at that price. Meanwhile, feeder cattle futures showed gains ranging from 27 to 75 cents, with August futures up $5.47 for the week.
The Commitment of Traders report revealed that spec funds reduced their net long position in live cattle futures and options by 5,605 contracts, totaling 114,964 contracts as of Tuesday, while managed money increased their net long in feeder cattle by 248 contracts to 10,843.
In the wholesale market, Choice boxed beef rose by 4 cents to $392.70, while Select dropped 35 cents to $382.69. The USDA estimated the federally inspected cattle slaughter for the week at 533,000 head, a decrease of 48,299 head compared to the same week last year.
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