Live and cattle futures on the Chicago Mercantile Exchange started the week lower after reaching contract highs over the past few days. Meanwhile, lean hog prices reached their lowest levels in a month and a half.
As of July 8, managed money’s net long position for live cattle was trimmed by 1,039 contracts at 128,423. Spec traders added on to the net long position for feeder cattle, growing by 3,607 contracts at 37,493.
The August live cattle contract dropped US$2.85 per hundredweight to close at US$219.350, while the October contract shed US$2.925/cwt at US$216.775. August feeder cattle lost US$5.850/cwt. at US$319.475.
The United States Department of Agriculture reported a weekly slaughter of 568,000 head during the week ended July 10, 36,573 head less than the same week last year.
The USDA also reported declining prices for choice and select boxes this afternoon. Choice boxes were down US$1.57/cwt at US$377.07, while select boxes trimmed US$1.91/cwt at US$364.58.
The August lean hog contract slipped US$1.450/cwt at US$103.225 after falling to US$102.700/cwt, its lowest price since May 28.
