Live cattle futures were in rally mode on Friday, closing with $3.05 to $4.10 gains heading into the weekend. Cash trade last week saw sales at $230-233 in the North and $223-225 in the South. Friday’s Central Stockyards Fed Cattle Exchange auction showed sales of $224-225, with BidTheGrid™ sales of $225 and $230. Feeder cattle futures put it in road gear on Friday, closing $4.30 to $4.60 higher. August saw a $5.45 gain last week. The CME Feeder Cattle Index was up 58 cents to $311.97.
The Friday afternoon Commitment of Traders report showed spec traders in live cattle futures and options trimming back 2,357 contracts from their large net long position to 132,893 contracts by Tuesday. As of June 24th, feeder cattle futures were net long 35,506 contracts, a reduction of 352 on the week.
USDA Wholesale Boxed Beef prices were higher on Friday afternoon, with the Chc/Sel spread narrowing to $13.56. Choice boxes were up $1.46 to $396.51, while Select was quoted $3.21 higher at $382.95/cwt. USDA’s Federally inspected cattle slaughter last week was estimated at 560,000 head. That is even with the week prior but 50,420 head below the same week last year.
Jun 25 Live Cattle closed at $224.750, up $3.050,
Aug 25 Live Cattle closed at $213.300, up $4.100,
Oct 25 Live Cattle closed at $209.825, up $3.475,
Aug 25 Feeder Cattle closed at $307.900, up $4.600,
Sep 25 Feeder Cattle closed at $307.900, up $4.525,
Oct 25 Feeder Cattle closed at $305.725, up $4.300,
