Cattle Close Higher on Friday
Alan Brugler, Barchart
Jul 29, 2022
Live cattle closed the Friday session, with contracts up 20 to 40 cents across the board. The USDA saw some light to moderate Thursday cattle trade at mostly $138 in NE and $135 in the South, WCB sales were $144-$145 on Friday. Feeders were helped by the late weakness in corn, as contracts were up 70 cents to $1.35. The CME Feeder Cattle Index was down 24 cents to $172.31 on 7/28.
USDA’s Wholesale Boxed Beef prices were higher on Friday afternoon. Choice boxes were up $1.47 at $269.24, with Select $1.44 higher to $242.25. The Chc/Sel spread ticked up to $26.99. USDA estimates FI cattle slaughter as 669,000 head for the week through Saturday. That compares with 665k head last week and 646k head during the same week last year.
Commitment of Trade data indicated managed money nearly doubling their net long position to 37,505 contracts as of 7/26, a 17,840 contract jump on the week.
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