Live Cattle (P) Futures PricesFri, Mar 7th, 2014
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Cattle futures settled $0.10 to $0.70 higher on the day. The Aug 14 contract displayed the most strength and finished at $133.85. Feeders were also in positive territory, up $0.85 to $0.97 Estimated week to date slaughter (w/ Sat estimates) was reported at 548,000 head compared to 570,000 head last week. The CFTC Commitment of Traders report showed managed money accounts increasing their net long position in live cattle by 3,839 contracts bringing their overall net long position to 132,073 contracts. Boxed beef prices were mixed with choice cuts up $0.44 at $236.02 while select cuts were down $0.13 at $232.87. Select was up 5.5% for the week. The Choice/Select spread is at $3.16. Cash cattle trade has run $146-150 in the South, and $237-240 in the North. Friday trades were on the low end of those ranges. The CME Feeder Cattle Index was up 0.22 at $172.48.
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