Cattle Look to Tuesday as Beef Weakness Continues
Cattle Look to Tuesday as Beef Weakness Continues.
Live cattle futures were mixed, with August down 12 cents and the rest of the board up 12 to 55 cents. Open interest was up 1,342 contracts. Cash was picked up last week at $403 dressed in the north, with live trade at $255-256. Southern trade was $255. Feeder cattle futures were down 12 to 77 cents in across the board on Monday. The CME Feeder Cattle Index was back down $1.52 on July 3 to $371.11.
The weekly NASS Crop Progress report showed the US pasture rating at 33% gd/ex, down 1% from the week prior. The Brugler500 index was up 3 points to 288.
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Managed money in live cattle futures and options trimmed back their net long by 6,722 contracts to 119,303 contracts as of last Tuesday. CFTC data showed spec funds in feeder cattle and futures cutting 163 contracts from their net long to 15,064 contracts.
Wholesale Boxed Beef prices were lower in the Monday afternoon report, with the Chc/Sel spread at $20.61. Choice boxes were down 59 cents at $386.48, with Select $1.56 lower to $365.87. USDA's federally inspected cattle slaughter for Monday was estimated at 10,000 head. That was down 1,000 from the previous Monday and 10,141 head below the same Monday last year.
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. This article was originally published on Barchart.com
Sinergia Empresarial continuará el seguimiento de esta información sobre cattle Look to Tuesday as Beef Weakness Continues y ampliará la cobertura conforme se confirmen nuevos elementos relevantes para el ecosistema empresarial.
