Live cattle futures are $2.75 to $3.60 higher on Tuesday. Cash trade has yet to pick up this week, with last week’s sales of $230-232 in the North and $222-225 in the South. Feeder cattle futures are rallying another $4.05 to $4.50 on Tuesday trade. The CME Feeder Cattle Index was up 8 cents to $312.04 on July 4.
CFTC data showed spec funds trimming back their net long in live cattle futures options by 3,431 contracts to 129,462 contracts. In feeder cattle, managed money cut back 1,620 contracts from their large net long to 33,886 contracts.
