Nearby fat cattle futures faltered into the close on Friday, leaving ~$1 on the table. Prices were still up by $0.82 to $2.02 on the day – led by the now front month August. Confirmed cash trade for the week was mostly $137 in the South and $148 in the North. Feeder cattle went into the extended weekend $0.90 to $1.80 higher, but closed off their highs for the day. The CME Feeder Cattle Index came down 77 cents on 6/30 to $165.67.
CFTC data had live cattle spec funds at 24,265 contracts net long as of 6/28. That was a 14,877 contract lighter net long wk/wk as they both closed existing longs and added shorts through the week. For the feeders, spec traders extended their net short by 1,789 contracts to 5,320.
Friday’s Wholesale Boxed Beef prices were 18 cents weaker in Choice and 10 cents weaker in Select for a $23.35 Chc/Sel spread. Federally inspected cattle slaughter for the week through Saturday was estimated as 636k head. That compares to 666k last week and 628k head from the same week last year. YTD slaughter is up 1% yr/yr with 16.878m head.
Aug 22 Cattle closed at $134.600, up $2.025,
Oct 22 Cattle closed at $139.975, up $1.200,
Dec 22 Cattle closed at $145.775, up $0.900,
Aug 22 Feeder Cattle closed at $174.500, up $0.900
Sep 22 Feeder Cattle closed at $177.650, up $1.425
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