Live cattle futures are showing 30 to 55 cent gains so far on Tuesday. Cash trade from last week settled in at $232-233 across the country. Feeder cattle futures are up another $1.95 to $2.30 at midday. The CME Feeder Cattle Index was up another $2.89 to $353.11 on January 2. The Monday OKC feeder cattle auction had an estimated 9,266 head sold, with sales of $3-10 higher on feeder steers and heifers up $10-20. Calves were up $15-20.
Commitment of Traders data showed large managed money speculators decreasing their net long position by 1,893 contracts in live cattle futures and options as of 12/30 to 92,975 contracts. In feeder cattle futures and options, spec traders were increasing their net long by 666 contracts to 15,295 contracts by last Tuesday.
