Live Cattle (P) Futures PricesFri, Aug 22nd, 2014
Latest Brugler Live Cattle (P) Report
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Cattle futures traded sharply higher on the day, with August settling $2.20 higher than yesterday, helping it to finish with a $1.25 gain on the week. Wholesale prices were lower again today. Choice boxes lost 69 cents and select boxes were off another $1.16. The spread is out to $10.11, the widest since June 10th. Weekly estimated slaughter including Saturday is 590K head, 13K head more than last week, and 46K head less than last year. The USDA Cattle on Feed report put August 1 numbers at 98.12% of a year ago, when the average pre-report trade estimate was 97.21% of year ago. July placements were expected to be down 9.5% from last year, but the report showed them to be down only 7.4% from a year ago. Marketings were expected to be off 9%, and they came in 9.29% below a year ago. Beef stocks in the Cold Storage report were 79.24% of a year ago, but were 102.34% of the previous month. The CFTC COT report showed managed money accounts decreased their net long position in cattle futures by -10,407 lots; they are still net long 104,442 contracts.
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