Live Cattle Feb '20 (LEG20)
Live Cattle Futures Market News and Commentary
Live cattle futures posted Friday gains of 35 to 50 cents in the front months, with August down a nickel this week. Cash trade has picked up this week at $235 live and $370 dressed (North) across the country. Feeder cattle futures were $2.95 to $3.65 higher on the day, with August up $3.625. The CME Feeder Cattle Index was back up $4.43 on August 6 to $357.36.
The Friday Commitment of Traders report showed managed money trimming back another 456 contracts from their net long in live cattle futures and options to 66,067 contracts as of Tuesday. In feeder cattle futures and options spec funds were adding 1,182 contracts to the net long as of 8/4 to 8,605 contracts.
Wholesale Boxed Beef prices were higher in the Friday afternoon report. Choice boxes were up 50 cents at $364.36 with Select $2.59 higher to $352.37. The Chc/Sel spread narrowed to $11.99. USDA’s Federally inspected cattle slaughter for this week was estimated at 509,000 head. That is down 3,000 head from the... Read more
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