Live cattle futures gave back some of this week’s strength on Friday, with contracts down $1.05 to $1.625 at the close. August was down just 47 cents this week. Cash trade finally picked up on Friday, to $255 across the country, with some picking up to $256 in the North. Feeder cattle futures posted Friday losses of $1.77 to $2.30 at the close, with August holding up $3.525 this week. The CME Feeder Cattle Index was back down $2.09 on June 10 to $368.01.
JBS announced a planned closure of its Souderton, PA slaughter plant this morning. The plant has a kill capacity of nearly 2,000 head/day.
The total number of screwworm cases in the US has climbed to 9, with 1 dog in New Mexico, as well as 2 goats and 6 head of cattle in Texas.
Managed money was trimming back 5,962 contracts from their net long position in the week that ended on June 9, taking it to 109,002 contracts in live cattle futures and options. CFTC data showed specs in feeder cattle futures and options adding just 77 contracts to their net long to 10,920 contracts by Tuesday.
Wholesale Boxed Beef prices were lower in the Friday PM report, with the Chc/Sel spread at $19.21. Choice boxes were down $1.28 to $391.93, while Select was 53 cents lower at $372.72. USDA’s federally inspected cattle slaughter for the week totaled 524,000 head. That is down 7,000 from the previous week and 36,282 head below the same week last year.
Jun 26 Live Cattle closed at $249.875, down $1.600,
Aug 26 Live Cattle closed at $241.175, down $1.500,
Oct 26 Live Cattle closed at $233.800, down $1.600,
Aug 26 Feeder Cattle closed at $357.425, down $2.225,
Sep 26 Feeder Cattle closed at $354.550, down $1.975,
Oct 26 Feeder Cattle closed at $350.925, down $1.875,
