Live cattle futures are trading with 65 cent to $1.65 gains at midday. Open interest suggested a rotation of ownership, up just 1,427 contracts. Cash trade was mostly $260-265 in the South last week, with northern trade at $408-415 dressed and up to $265 live. Feeder cattle futures are in rally mode on Tuesday, up $4 to $4.40 at midday, with front month May up 92 cents. The CME Feeder Cattle Index was down $2.46 to $367.63 on May 15.
The Monday Crop Progress report showed US pasture ratings at 28% in good/excellent category, down 3% from last week. The inclusive Brugler500 index was down 8 points (100-500 point scale) to 267.
