Live cattle futures closed Monday with contracts up 50 cents in front month June, but other contracts 55 cents lower to down $1.92. Open interest was down 5,729 contracts, with 13,165 rolling out of June. Cash trade settled in at $256-260 last week, with southern action $256-258 and northern trade at $258-260. Feeder cattle futures were down $1.92 to $4.80 in the front months, with May the exception, up $1.025. Open interest was down 1,743, suggesting longs coming off the table. The CME Feeder Cattle Index was back down $2.54 to $374.83 on May 7. The weekly OKC feeder cattle auction had 5,237 head for sale, with prices down $5-10 on feeder steers and steady to $5 lower on feeder heifers.
On Monday, report indicated the US was looking to temporarily lower beef import tariffs as soon as Monday, though the White House decided late on Monday to delay the plan in order to finalize details.
