Live cattle futures posted losses of 97 cents to $2.67 across most contracts on Friday. August was down $10.77 last week. Cash trade settled in at $238-240 in the north last week, with Southern trade at $237-238. Feeder cattle futures were down 65 cents to $2.20 on Friday, with August dropping back $8.65. Open interest was up 417 contracts, suggesting new selling. The CME Feeder Cattle Index was down another $1.49 on July 16 to $364.03.
The Friday Commitment of Traders report showed managed money cutting back another 16,997 contracts from their net long in live cattle futures and options to 96,324 contracts as of Tuesday. In feeder cattle futures and options spec funds were busy slashing another 3,810 contracts from the net long as of July 14 to 9,880 contracts.
