Cattle Rally to Round out July

Live cattle futures were mixed, with contracts up 52 cents to 20 cents lower. August was up $4.67 this week. USDA picked up cash trade at $232-233, with some up to $235. Feeder cattle futures extended the bounce out of the Monday collapse, with contracts 87 cents to $1.55 higher. August was managed to pull out a $2.70 gain on the week. The CME Feeder Cattle Index was back down $1.86 on July 30 to $345.83. 

The Friday Commitment of Traders report showed managed money cutting back another 8,840 contracts from their net long in live cattle futures and options to 66,523 contracts as of Tuesday. In feeder cattle futures and options spec funds were trimming 482 contracts from the net long as of July 28 to 7,423 contracts.

Wholesale Boxed Beef prices were higher in the Friday afternoon report. Choice boxes were up 88 cents at $361.38, with Select $4.90 higher to $346.23. USDA’s Federally inspected cattle slaughter this week at 512,000 head through Saturday. That is down 16,000 head from the previous week and 24,919 head below the same week last year.

Aug 26 Live Cattle  closed at $231.750, up $0.525,

Oct 26 Live Cattle  closed at $227.250, down $0.200,

Dec 26 Live Cattle  closed at $226.950, up $0.225,

Aug 26 Feeder Cattle  closed at $348.025, up $1.550,

Sep 26 Feeder Cattle  closed at $343.775, up $1.325,

Oct 26 Feeder Cattle  closed at $335.350, up $1.325,

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