Live cattle futures are 42 cents to $2 lower so far on Monday. Last week’s cash trade was $220-222 early in the north, ending last week near $225. Sothern action was $225-226.50. Feeder cattle futures are down $4 to $5 at midday. The CME Feeder Cattle Index was up another $1.93 to $343.73 on December 4. The Monday OKC feeder cattle auction has an estimated 7,200 had for sale, with early action noted higher.
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.
