Key facts
- August Live Cattle futures fell 95 cents to settle at 239.65.
- August Feeder Cattle futures fell $3.12 to settle at 348.42.
- July Lean Hog futures surged $1.80 to finish at 101.65.
- Wholesale boxed beef prices closed firmer.
- Daily slaughter was reported at 104,000 head.
- Funds were net sellers of approximately 4,000 Live Cattle futures contracts.
Livestock futures showed mixed price action, with cattle futures under pressure and lean hogs rallying. August Live Cattle futures declined by 95 cents to settle at 239.65, recovering about $2.50 from their opening lows. August Feeder Cattle futures dropped $3.12 to settle at 348.42, also recovering from morning lows. In contrast, July Lean Hog futures saw a significant increase, surging $1.80 to finish at 101.65. Wholesale boxed beef prices closed firmer, with Choice cuts up 98 cents and Select cuts up 73 cents. Daily slaughter figures were reported at 104,000 head, which is 10,000 head less than the previous year. Traders are also monitoring news regarding the proximity of screwworm to the U.S. border, which could lead to long liquidation. The latest Commitment of Traders report revealed that funds were net sellers of approximately 4,000 Live Cattle futures contracts, reducing their net long position to 120,000 contracts, the lowest since March.