The live cattle futures market experienced significant upward movement, reaching new record highs. On the day, prices rose between $1.55 and $3.40, with June futures increasing by $10.82 over the week. In recent trading, cash prices varied widely, with southern regions reporting prices around $230 to $232 and some areas nearing $235. In the North, prices were generally between $240 to $242, with select regions hitting $244.
Feeder cattle futures also showed positive trends, closing with a modest increase of 82 cents to $1. August futures saw a notable rise of $11.32 over the week. As of June 5, the CME Feeder Cattle Index reported an average price of $306.16, up by $1.30.
In the realm of live cattle futures and options, large managed money speculators have expanded their net long positions. In the week ending June 3, they added an impressive 512 contracts, bringing their total to 131,805. As of Tuesday, the managed money's net long position reached a record high of 34,827 contracts, representing an increase of 1,569 contracts for that week.
USDA's National Wholesale Boxed Beef prices showed mixed results again on Friday afternoon, which resulted in a narrowing of the Choice/Select spread to $8.35. Choice boxed beef prices dropped by $1.77 to settle at $365.08, while Select beef prices ticked up by 12 cents to $356.73 per hundredweight.
The USDA reported that the federally inspected cattle slaughter this week totaled 582,000 head, which is a decline of 27,797 head compared to the same week last year.
As of June 25, the live cattle prices closed as follows:
For feeder cattle futures as of the same date:
This overview provides key insights into market dynamics and pricing for live and feeder cattle, reflecting ongoing trends and shifts within the industry.
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