Live cattle futures were $2 to $2.75 higher to close out Friday, as August expired up $4.90 at 241.90. October fats closed the week with a gain of $1.775. Preliminary open interest was up 3,700 contracts on Friday. Cash trade came in last week on a steady basis in the North at $245 in the north, with $242 in the South, up $2. Friday morning’s Fed Cattle Exchange online auction showed sales on 430 head of 1,220 listed at $242. Feeder cattle futures rallied to close out Friday with $2.95 to $3.60 gains, as September managed a $2.10 gain on the week. The CME Feeder Cattle Index was up another 15 cents to $365.38 on August 28. The market will resume trading this morning following the Monday holiday.
Managed money increased their net long position in live cattle futures and options by 1,633 contracts as of Tuesday to 126,152 contracts. Feeder cattle saw some long liquidation as of August 26th, with their net long down 2,576 contracts two 30,580 contracts.
