Live cattle futures are up $.95 to $1.35 per cwt. as we head into midday on Monday. Nearby August has traded above last week’s high of $224.55, setting a new all time high on the continuation charts as well as the daily. August was still up $1.35 last week despite a Friday pullback. Friday’s preliminary open interest suggested some long liquidation, down 2,335 contracts. Cash trade on Friday saw KS at $230-231 and $240-242 northern action. Feeder cattle posted losses of $1 to $1.50 on Friday, with August down $1.32 on the week. Like the cattle, they are higher at midday on Monday, by $1.60 to $1.67 in the active front months. CME Feeder Cattle Index was back up 11 cents to $322.28 on July 17.
Commitment of Traders data from CFTC showed managed money increasing their record net long in feeder cattle futures and options as of July 15 by just 79 contracts to 37,569 contracts. Spec funds added back another 4,063 contracts to their net long in live cattle by July 15 to 132,486 contracts.
USDA Wholesale Boxed Beef prices were mixed in the Monday AM report. Choice boxes were quoted $1.42 lower at $372.13, while Select was quoted $0.04 higher than Friday at $351.53. Cattle supplies are still limited, so the main question continues to be whether consumers will pay up. USDA estimated cattle slaughter last week at 563,000 head. That was down 5,000 head from last week and 26,374 head lower vs. the same week in 2024.
Aug 25 Live Cattle are at $224.925, up $1.375,
Oct 25 Live Cattle are at $221.350, up $1.525,
Dec 25 Live Cattle are at $221.575, up $1.775,
Aug 25 Feeder Cattle are at $326.750, up $2.750
Sep 25 Feeder Cattle are at $327.000, up $2.800
Oct 25 Feeder Cattle are at $325.100, up $2.800
