Feeders Set New All Time Highs

Feeders saw new ATH for the lead month August contract at $248.07, taking out the 2014 high. The other feeders were 1.7% to 2.3% higher for the day. That left August at a $13.62 gain for the week and an $8.40 for the month. The fat cattle futures also rallied triple digits on Friday. The June cattle contract expired at $181.50, or a $4.32 premium to the now lead month August. August fats saw a $6.40 gain for the week and a $9.50 gain for the month of June. USDA showed a push in sales on Friday for an otherwise slow week. The week’s bulk price was near $179 in the South, and near $182-$183 in the WCB. The 6/29 CME Feeder Cattle Index was up by $1.78 to $232.75.  

CFTC reported managed money firms were closing longs during the week that ended 6/247. That left the group 107,592 contracts net long. The feeder cattle spec traders closed more longs than shorts during the week, but were still 15,391 contracts net long.

Wholesale Boxed Beef prices were shown 33 cents weaker in the Choice quote and $3.55 lower for Select. That left the Chc/Sel spread at $34.09. USDA had FI cattle slaughter at 644k head for the week through Saturday. That sets the yearly running total at 16.301 million head compared to 16.881 million head last year. 

Aug 23 Cattle  closed at $177.175, up $2.675,

Oct 23 Cattle  closed at $179.550, up $1.875,

Dec 23 Cattle  closed at $183.525, up $1.850,

Aug 23 Feeder Cattle  closed at $247.575, up $5.200

Sep 23 Feeder Cattle  closed at $250.825, up $5.025

Oct 23 Feeder Cattle  closed at $252.525, up $4.700