Live cattle futures are down $1.02 in nearby December, with other contracts slightly higher. The Fed Cattle Exchange online auction showed no sales on the 1,280 head offered, with bids of $222-225.50 live and 342 dressed Feeder cattle futures are up 92 cents to $1.50 at midday. The CME Feeder Cattle Index was back up $1.44 to $344.50 on December 8.
Commitment of Traders data showed managed money cutting 8,007 contracts from their net long position in the week ending on 11/4, taking it to 108,348 contracts. Specs were getting out of both longs and shorts in that week. In feeder cattle futures and options, spec funds were trimming 3,560 contracts from their net long, taking it to 17,763 contracts.
