Live Cattle (P) Futures PricesFri, Jul 22nd, 2016
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Live cattle futures posted gains of $1.925 to $2.425 on Friday, but front month Aug16 cattle were still down 97.5 cents on the week. Feeder futures closed up as much as $2.80. However, Aug16 feeders were still down $2.38 on the week. The CME Feeder Cattle Index for 7/21 was down $1.01 to $139.22. The monthly Cattle on Feed report this afternoon showed July 1 cattle on feed 101.17% of a year ago, below the average pre-report estimate of 101.6%. June placements were pegged at 102.97% of a year ago and marketings at 109.44%. Cash cattle trade recorded a few live sales from $113 to $115 on Friday, and dressed sales of 65 to 80% choice beef from $180 to $182. The average price of choice boxed beef was 61 cents lower on Friday to $200.09 (-$4.26 Fri to Fri), and select prices were a quarter lower at $189.57 (-$2.81 Fri to Fri). Including Saturday estimates, FI cattle slaughter was estimated at 595,000 head, down 3,000 head from last week, but 60,000 head larger than the same week in 2015. The USDA Cold Storage report this afternoon showed 451.233 million pounds of beef was in refrigerated warehouses as of June 30, up 1.2% from May, but down 5% from June 2015.
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