Live cattle futures were under pressure from falling equities on Friday, with contracts down $3.80 to $4.50 at the close. April was up $2.35 from on the week. Open interest was down 3,008 contracts. Another round of sharply lower equities may be a pressure factor at the open. Cash trade settled in at $240 across most of the country, firming in some northern areas from last week and lower in the south, with a few sales in the $241-242 range. Feeder cattle futures were falling on Friday, with contracts down $6.97 to 7.42 across the board, with May just 20 cents higher vs. the previous Friday. OI slipped 1,024 contracts. The CME Feeder Cattle Index was down another $1.47 to $367.32 on March 5.
Commitment of Traders data from Friday afternoon showed managed money cutting back 4,494 contracts from their net long position in live cattle futures and options as of Tuesday at 114,519 contracts. In feeder cattle futures and options, spec funds pared back 206 contracts from their net long to 17,956 contracts but 3/3.
