Live cattle futures posted gains across most contracts, with 50 cent to $2.35 gains in the nearbys, with August carrying the load. First Notice day is on Monday. August was up $3.65 this week. Cash trade has picked up this week to $235-236 in the South, up $3 to $5 from last week, as Northern trade reported at $247, up $2. The Friday morning Fed Cattle Exchange online auction from Central Stockyards showed $245 sales in IA and CO, with $235 sales in TX. Feeder cattle futures closed out the Friday session gaining some steam back after the Thursday losses, with contracts up $1.67 to $3.20. August was $3.20 higher on the week. The CME Feeder Cattle Index was up another 98 cents to $335.89 on July 31.
Managed money trimmed back 3,150 contracts from their net long position as of 7/29, taking it to 128,509 contracts as of Tuesday according to CFTC data. Spec funds were cutting back 2,680 contracts from their previous record net long to 35,126 contracts.
