Cattle Market Still Nervous About Demand

Live cattle futures were mostly lower on Friday, with nearby Aug a dime higher. Feeder cattle futures were down 95 cents to $1.425 on the day. The CME Feeder Cattle Index was down 20 cents on August 8 at $141.66. Wholesale boxed beef prices were mixed on Friday afternoon, tightening the Chc/Sel spread to $22.56/cwt. Choice boxes were down $0.51 at $216.37, with Select boxes up $1.44 @ $193.81. USDA estimated weekly FI cattle slaughter at 645,000 head through Saturday, 19,000 head above the previous week and 2,000 head below the same week last year. Cash trade was reported at $113 in the North, with $110 in the South. The kill could be lower this week due to the Tyson fire in KS and an indefinite shut down there. Money managers in Live Cattle futures and options trimmed their CFTC net long position by 7,218 contracts as of Tuesday to put it at 23,185 contracts.

--provided by Brugler Marketing & Management

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