On February 6, live cattle futures closed steady to 30 cents higher on the nearbys, with cash trades reported at $208 in the North and $206 in the South, reflecting a decrease of $2-4 from the previous week. Meanwhile, feeder cattle futures showed losses of 10 to 40 cents, with March falling $10.825 for the week. The CME Feeder Cattle Index was reported at $275.59, down $2.05 from the prior day.
As of February 4, the Commitment of Traders data revealed a reduction in long positions, with specifications cutting back 6,535 contracts in live cattle futures to 150,374 contracts. Federally inspected cattle slaughter last week was estimated at 584,000 head, down 16,000 from the prior week and 33,013 head from the same week last year. USDA’s wholesale Boxed Beef prices were also lower, with Choice boxes at $321.87/cwt and Select at $312.90, marking a decrease of $2.11 and $1.87, respectively.
