Live Cattle Futures PricesFri, Jul 25th, 2014
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Cattle futures are called 20 to 50 cents higher this morning. The USDA COF report was released on Friday. USDA pegged the July 1 On Feed at 97.61% of year ago, lower than trade ideas. Marketings were expected to be about 98%. The actual figure was reported at 98.24%. USDA estimated June placements at 93.81% vs. trade estimates above 96%. The Cattle Inventroy report showed beef cow numbers down 2.5% vs. 2 years ago, with replacement heifers also down 2.4%. There was no July report in 2013 due to budget cuts, thus the 2 year comps. Wholesale beef prices continue to be stout, with Choice boxes up $1.82 at $257.38 on Friday and Select up $1.49 at $254.33. Cash cattle were SHARPLY higher last week, with some $165 trades reported on Friday. The CFTC Commitment of Traders report showed managed money accounts decreasing their net long position in live cattle by 2,722 contracts last week bringing their overall net long position to 118,655 contracts. The CME Feeder index was $1.16 higher at $214.19.
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