Live cattle futures posted gains of $1.85 to $3.62 on Friday, with December up $5.57 on the week. Cash trade saw some $220 live and $345 dressed action in the North, with very limited trade in the South. The Friday Fed Cattle Exchange online auction showed $223-227 sales. Feeder cattle futures rallied on Friday, with contracts up $5.82 to $7.95 on the session, with November $10.80 higher for the week. Sharp losses in corn were supportive. The CME Feeder Cattle Index was 34 cents higher on October 8 to $337.07.
Commitment of Traders data from Friday indicated managed money trimming just 384 contracts from their net long position in live cattle futures and options in the week ending in 10/6, taking it to 50,920 contracts. In feeder cattle futures and options, specs were adding back 1,149 contracts to their net long at 8,787 contracts as of Tuesday.
