Live cattle futures were un rally mode on Friday, as December led the way trying to catch the cash market, with gains of $2.50 to $5.70. December was up $11.57 last week. Open interest on Friday was down 9,848 contracts, with December down 11,383 contracts ahead of deliveries. Cash trade kicked off with $220-222 action in the north and ended the week near $225. Sothern action was $225-226.50. Feeder cattle futures are rallied for much of the week, heading into Friday’s close $2.40 to $3.75 higher, as January was $15.07 higher last week. The CME Feeder Cattle Index was up another $1.93 to $343.73 on December 4.
Commitment of Traders data showed an 8,546 contract reduction in the live cattle futures and options net long position as of 10/28, taking the total to 116,355 contracts. In feeder cattle, managed money cut 3,404 contracts from their net long to 21,323 contracts.
