Live cattle futures saw weaker midday action though futures pulled off the lows to close up 12 cents to $1.12, as June was up $1.82 this week. Cash trade crept up to $258 this week following the $256-257 earlier in the week. The Thursday Fed Cattle Exchange showed $258 sales on 194 of the 388 head offered. Feeder cattle futures ended the day with 27 to 75 cents gains, with August $5.47 higher on the week. The CME Feeder Cattle Index was up another $2.17 on June 4 to $361.38.
Friday afternoons Commitment of Traders report indicated spec funds in live cattle futures and options trimming 5,605 contracts from their net long position to 114,964 contracts as of Tuesday. In feeder cattle futures and options, managed money increased their net long by just 248,000 contracts to 10,843 contracts.
