Live cattle futures saw weaker midday action though futures pulled off the lows to close up 12 cents to $1.12, as June was up $1.82 this week. Cash trade crept up to $258 this week following the $256-257 earlier in the week. The Thursday Fed Cattle Exchange showed $258 sales on 194 of the 388 head offered. Feeder cattle futures ended the day with 27 to 75 cents gains, with August $5.47 higher on the week. The CME Feeder Cattle Index was up another $2.17 on June 4 to $361.38.
Friday afternoons Commitment of Traders report indicated spec funds in live cattle futures and options trimming 5,605 contracts from their net long position to 114,964 contracts as of Tuesday. In feeder cattle futures and options, managed money increased their net long by just 248,000 contracts to 10,843 contracts.
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Wholesale Boxed Beef prices were mixed in the Friday PM report, with the Chc/Sel spread at $10.01. Choice boxes were up 4 cents to $392.70, while Select was 35 cents lower at $382.69. USDA estimated federally inspected cattle slaughter for this week at 533,000 head, down 48,299 head from the same week last year.
Jun 26 Live Cattle closed at $250.075, up $0.900,
Aug 26 Live Cattle closed at $241.650, up $0.125,
Oct 26 Live Cattle closed at $234.125, up $0.325,
Aug 26 Feeder Cattle closed at $353.900, up $0.525,
Sep 26 Feeder Cattle closed at $350.825, up $0.750,
Oct 26 Feeder Cattle closed at $347.225, up $0.575,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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