Live cattle futures are $2.27 to $3.05 across the front months on Monday. Cash trade was up $4-5 last week at $228-$230 in the South, with Northern action $8-10 higher wk/wk at $240. Feeder cattle are falling $6 to $6.25 so far on the Monday session. The CME Feeder Cattle Index was up $1.53 to $323.37 on July 10. The weekly OKC feeder cattle auction has an estimated 7,000 head for sale, with a higher undertone noted early.

Managed money trimmed their large net long position in live cattle futures and options by 1,039 contracts to a total of 128,423 contracts as of July 8th. In feeder cattle, spec traders continued to add to their record net long position, at 37,493 contracts as of Tuesday, An increase of 3,607 contracts on the week

USDA Wholesale Boxed Beef prices continue the weaker pattern in the Monday morning report, with the Chc/Sel spread narrowing to $12.15. Choice boxes were down 58 cents to $378.06, while Select was quoted $0.58 lower at $365.91/cwt. Estimated cattle slaughter for last week was 568,000 head according to the USDA. That was well above last week’s holiday but 36,573 head lower vs. the same week last year.

Aug 25 Live Cattle  are at $219.225, down $2.975,

Oct 25 Live Cattle  are at $216.650, down $3.050,

Dec 25 Live Cattle  are at $217.300, down $2.275,

Aug 25 Feeder Cattle  are at $319.225, down $6.100

Sep 25 Feeder Cattle  are at $319.175, down $6.225

Oct 25 Feeder Cattle  are at $317.200, down $6.000