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Ranchers.net

CHICAGO (Dow Jones)--Wholesale beef and cash live cattle prices are firm, but

Chicago Mercantile Exchange live and feeder cattle futures are predicted to

open mixed Tuesday morning as traders concentrate on rolling June longs and

seasonal summer supply projections.



Floor traders say a record roll of long June positions into August, scheduled

to begin with Friday's closing range, has for all intents and purposes already

started.



As a result, spreading has been the major feature thus far this week, and

that activity is expected to continue Tuesday.



June has bore the brunt of sales as accounts associated with the Goldman

Sachs Commodity Index roll sell June and buy August. Other large accounts are

taking advantage of the opportunity presented by the August purchases to sell

August and buy December.



Cash cattle sources say they are looking to the futures market for assistance

in pricing this week's cash live cattle, but futures are focused on June

values, at the earliest.





Live Cattle Fundamentals





The choice/select spread for Monday was $16.30. The U.S. Department of

Agriculture reported the choice/select spread Friday at $16.30. Boxed-beef

prices were higher, with the composite value for choice beef up $0.45 at

$163.89. Select beef prices were up $0.15 at $147.59. The volume of sales for

fabricated loads was 160, while the load count for trimmings and coarse grinds

was 78.



The USDA estimated cattle slaughter Monday at 114,000 head, compared with

107,000 a week earlier and 124,000 a year earlier.



The beef packer profit margin was a positive $32.20 per head.



The CME feeder index was 6 points lower at 111.64.
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