Live cattle prices increased on Monday, with futures rising 45 to 90 cents amid a steep discount. Last week, cash cattle trades were reported at $188 in the South and $198 in the North. Feeder cattle also saw gains between $1.10 and $1.60, with the CME Feeder Cattle Index at $261.04 on July 11.
As of last Tuesday, the Commitment of Traders data indicated a reduction of 1,517 contracts in managed money net long positions for live cattle futures, totaling 61,426 contracts. The net long position in feeders also saw a decline of 1,275 contracts, bringing it to 2,656 contracts.
In the USDA’s Monday AM report, wholesale Boxed Beef prices showed mixed results, with Choice boxes down 65 cents to $321.41/cwt and Select up $1.01 at $303.32. USDA estimated last week’s FI slaughter at 601,000 head, which is 32,391 fewer than the same week last year but higher than the previous holiday week.
