Live cattle futures climbed between $2.75 and $3.60 during Tuesday’s trading session. Cash trade activity has remained quiet to start the week, following last week’s pricing of $230–$232 in the North and $222–$225 in the South. Simultaneously, feeder cattle futures extended their rally, rising by $4.05 to $4.50, while the CME Feeder Cattle Index edged up 8 cents to $312.04 as of July 4.
According to the latest CFTC data, speculative funds reduced their net long positions in live cattle futures options by 3,431 contracts, bringing the total to 129,462. In the feeder cattle market, managed money scaled back their substantial net long position by 1,620 contracts, leaving them with 33,886 contracts.
The USDA’s Tuesday morning report indicated mixed results for wholesale boxed beef prices, with the Choice/Select spread widening to $14.75. Choice boxes rose $3.28 to $394.26, and Select boxes increased by $1.98 to $379.51/cwt. Monday’s estimated cattle slaughter reached 114,000 head, which is 4,000 head fewer than last week but an increase of 1,934 head compared to the same Monday last year.
August 25 Live Cattle closed at $219.500, up $3.600.
October 25 Live Cattle closed at $216.350, up $3.400.
December 25 Live Cattle closed at $216.175, up $2.750.
August 25 Feeder Cattle closed at $317.775, up $4.050.
September 25 Feeder Cattle closed at $317.850, up $4.325.
October 25 Feeder Cattle closed at $315.775, up $4.425.
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