Live cattle futures posted losses of $1.05 to 1.30 on Friday, with nearby August down a nickel. August was still down $4.02 last week. Open interest was down 3,470 contracts, suggesting longs were exiting. Cash trade was at $247-248 across the country, a $7-8 drop from last week. Feeder cattle futures saw losses $1.12 to $1.97 on Friday, with August falling $6.025 on the week. Open interest slipped 854 contracts on Friday. The CME Feeder Cattle Index was back down $4.03 on July 9 to $370.42.

The Friday Commitment of Traders report showed managed money trimming 5,982 contracts from their net long in live cattle futures and options to 113,321 contracts as of Tuesday. In feeder cattle futures and options spec funds were busy cutting back 1,374 contracts from the net long as of July 7 to 13,690 contracts.

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Wholesale Boxed Beef prices were higher in the Friday AM report, with the Chc/Sel spread at $14.35. Choice boxes were up $1.87 at $382.68, with Select $4.84 higher to $368.33. USDA’s federally inspected cattle slaughter last week was 529,000 head. That is up 71,000 head from the previous week due to the holiday but 42,565 head below the same week last year.

Aug 26 Live Cattle closed at $235.200, down $0.050,

Oct 26 Live Cattle closed at $230.550, down $1.050,

Dec 26 Live Cattle closed at $230.275, down $1.275,

Aug 26 Feeder Cattle closed at $354.600, down $1.550,

Sep 26 Feeder Cattle closed at $351.025, down $1.975,

Oct 26 Feeder Cattle closed at $347.350, down $1.975,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.