Live cattle resumed the collapse on Friday, as contracts were down $1.25 to $2.77. No delivery notices were issued against April futures on Friday. Cash trade this week was reported @ $182 in the South, a $2 drop on the week, with Northern action also weaker at $293-295 in the beef (down $2-3). Feeders were also feeling the pressure, with losses of $1.37 to $3.87. The CME Feeder Cattle index on April 11th was back up 97 cents to $244.57.
Another case of HPAI was picked up in a South Dakota dairy herd, now spreading to 8 states and is likely sending more longs for the exits amid consumer perception and headline risks. Friday afternoon’s Commitment of Traders report confirmed the sped long exit from the last couple weeks, with managed money’s net long down a large 16,305 contracts during the week of 4/9 at 36,976 contracts.
