
Live cattle futures are up $1.50 to $2 so far on Wednesday. Cash trade has yet to take place this week. The Wednesday Fed Cattle Exchange online auction showed no sales on the 1,508 head offered, with bids of $217.5-220 live and $325-326 in the beef. Feeder cattle futures are continuing to rally back this morning, with gains of $3.35 to $3.90. The CME Feeder Cattle Index was up $12.66 to $332.36 on December 1.
Updated CFTC data for the week of October 21 showed managed money in live cattle futures and options increasing their net long by 1,147 contracts to 124,901 contracts. In feeder cattle, they trimmed 797 contracts from their net long to 24,727 contracts.