Live cattle futures were 37.5 to 77.5 cents higher in most contracts on Friday. Aug was up 2.64% on stronger cash trade last week. Feeder cattle futures were up $1.10 to $2.575 to end the week that saw Aug climb 6.38% higher. Cheaper feed was a big part of that move. The CME feeder cattle index was down $1 on July 13 to $150.74. Wholesale beef prices were lower in the Friday afternoon report, with choice boxes down 50 cents at $209.35. Select was $1.84 lower, with an average of $195.42. Estimated weekly FI cattle slaughter was 637,000 head, 39,000 above the same week last year. Cash sales last week ranged from $119 to $120 across most regions. Managed money traders backed off their net long position in live cattle futures and options to a net position of +114,911 contracts in the CFTC COT report.

Market Commentary provided by:

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