Feeder Cattle (P) Futures PricesSun, Jun 26th, 2016
Latest Brugler Feeder Cattle (P) Report
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Live cattle futures closed $2.00 to $2.975 lower, with most heavily traded Aug16 cattle down $1.70 on the week. Feeders were also down more than $2.00 on the day, but Aug16 feeders posted a week to week gain of $2.03. The CME Feeder Cattle Index for 6/23 was 41 cents higher at $141.27. Cash cattle sales on Friday averaged $117.72 live, and $186.93 dressed. The average price of choice boxed beef was down $1.60 to $213.86 on Friday (-$7.97 Fri to Fri), and select boxes were 51 cents lower to $197.83 (-$1.78 Fri to Fri). USDA’s monthly Cold Storage report today showed 446.7 million pounds of beef were in refrigerated warehouses as of May 31, down 6% from May 2015, and 1.4% smaller than April.The Cattle on Feed report also released after the close showed June 1 cattle on feed at 102.2% of a year ago, just above the pre-report average trade expectation of 102%. May placements were 109.6% and marketings were 104.9% of a year ago. Including Saturday projections, WTD cattle slaughter was estimated at 608,000 head, up 1,000 head from last week, and 49,000 head larger than the same week in 2015. Weekly beef production reached 491.8 million pounds, a weekly high for 2016, and 7.6% larger than the same week last year. Managed money was shown reducing their net long position in cattle to 18,570 contracts as of the close on Tuesday.
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