Managed money was 18,070 contracts net long in feeder cattle after a week of light net new buying. That extended their net long to 114,637 contracts. Weekly CoT data confirmed live cattle spec traders were closing shorts and adding new longs during the week that ended 6/6.
The CME Feeder Cattle Index for 6/7 was $222.20 after another $2.92 increase.
Cash trade this week was $188-$194 in the North, and near $186 in the South. Feeders also firmed up for the close, going home UNCH to 35 cents higher. For the week’s move, June cattle were $1.80 in the black, while August was $1.05 lower. June and August futures ended in the red by 55 and 40 cents respectively, while the deferred months closed up by 10 to 15 cents. The live cattle futures market reversed course and ended Friday mostly higher.
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