Live cattle futures are trading with 60 cent to $1.10 losses so far on Tuesday. Cash trade has yet to develop this week, as sales crept up to $258-260 last week. Feeder cattle futures are 57 cents to $1.62 lower at midday. The CME Feeder Cattle Index was up $1.88 on June 19 to $370.56.
The weekly NASS Crop Progress report showed the US pasture rating at 33% gd/ex, up 1% from the week prior. The Brugler500 index was up 6 points to 286.
Managed money was adding back 15,347 contracts to their net long position in the week that ended on June 16, taking it to 124,349 contracts in live cattle futures and options. CFTC data showed specs in feeder cattle futures and options adding just 2,203 contracts to their net long to 13,123 contracts by Tuesday.
Wholesale Boxed Beef prices were higher in the Tuesday AM report, with the Chc/Sel spread at $17.49. Choice boxes were up $4.20 to $400.26, while Select was $7.18 higher at $382.77 as retailers get stocked up for the July 4th weekend. USDA’s federally inspected cattle slaughter for Monday was estimated at 106,000 head. That was up 7,000 from the previous Monday but 4,758 head below the same Monday last year.
Jun 26 Live Cattle are at $255.200, down $0.625,
Aug 26 Live Cattle are at $246.250, down $1.100,
Oct 26 Live Cattle are at $240.275, down $0.725,
Aug 26 Feeder Cattle are at $368.800, down $1.625
Sep 26 Feeder Cattle are at $367.800, down $1.025
Oct 26 Feeder Cattle are at $365.450, down $0.575
