Live cattle futures found some strength on Friday with higher cash movement, as contracts were up $2.30 to $3. August was up $8.15 this week. Cash trade picked up to $228-$230 on Friday, in the South, up $4-5. Northern Action was $240, $8-10 higher wk/wk. Feeder cattle posted Friday gains of $4 to $4.20, with August up $15.82 this week. The CME Feeder Cattle Index was up $1.53 to $323.37 on July 10.
Managed money trimmed their large net long position in live cattle futures and options by 1,039 contracts to a total of 128,423 contracts as of July 8th. In feeder cattle, spec traders continued to add to their record net long position, at 37,493 contracts as of Tuesday, An increase of 3,607 contracts on the week
