Cattle Market Sees Fund Long Still Shrinking

Live cattle futures settled 67 to 150 lower on Friday. to finish the week. Feeder cattle futures were triple digits lower, down $2.02 to $2.75. The CME feeder cattle index was up 11 cents to $131.84 on June 6. Wholesale boxed beef prices were mixed. Choice boxes were up 6 cents at $222.31 with Select boxes 24 cents lower @ $206.92. USDA estimated weekly FI cattle slaughter @ 662,000 head. That is 1,000 head larger than the same week last year. The great unwind continues. CFTC shows the managed money spec funds were net long 47,842 contracts as of June 4. That was down 17,637 for the week, and the smallest net long for that reporting group since last July.

--provided by Brugler Marketing & Management

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