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Live cattle futures finished 92.5 cents to $1.85 lower on Friday, but newly-front-month Aug16 cattle were still up $2.10 on the week. Feeders closed the day with losses of $1.00 to $1.85, but Aug16 feeders ended the week $3.00 higher. The CME Feeder Cattle Index for 6/30 was down 15 cents to $143.66. Cash cattle trade recorded live sales from $120 to $123 on Friday, after reaching as high as $125 on Thursday. Friday’s recap also listed dressed sales from $192 to $196. The afternoon USDA report showed choice boxed beef prices were up 29 cents on Friday to $208.73 (-$5.13 Fri to Fri), but select prices were down $1.28 to $193.73 (-$4.10 Fri to Fri). Including Saturday estimates, FI slaughter was estimated at 598,000 head, down 13,000 head from last week. This week, beef production was estimated at 485.5 million pounds, down 2% from last week. According to the CFTC this afternoon, managed money held a net long position of 15,519 contracts in live cattle as of Tuesday night, and a net short position of 3,765 contracts in the feeders.
Aug 16 Cattle settled at $112.975, down $1.850,
Oct 16 Cattle settled at $113.275, down $1.375,
Dec 16 Cattle settled at $113.775, down $1.175,
Aug 16 Feeder Cattle settled at $142.450, down $1.850
Sep 16 Feeder Cattle settled at $141.700, down $1.800
Oct 16 Feeder Cattle settled at $140.550, down $1.425