Live cattle futures are trading with Monday gains of 75 to 95 cents in the front months. Last week’s cash trade was mostly $220-222 late across the country. Feeder cattle futures are starting the week with contracts $1.50 to $1.95 so far on the session. The CME Feeder Cattle Index was down another 67 cents on August 27 to $332.80. The Monday OKC feeder cattle auction has an estimated 3,700 head for sale, with early demand noted as moderate.
Commitment of Traders data showed managed money trimming another 4,073 contracts from their net long in live cattle futures and options to 57,441 contracts as of Tuesday. In feeder cattle futures and options specs cut back 1,784 contracts from their net long to just 5,714 contracts in the week of August 25.
