Cattle futures had a cool down last week, despite the strong cash trade. Feeders got very close to the all time high for the front month contract last week. Cash trade this week was $188-$194 in the North, and near $186 in the South. Thursday’s feeder cattle market closed with futures $0.45 to $1.22 in the red. The CME Feeder Cattle Index for 6/7 was $222.20 after another $2.92 increase.
Weekly CoT data confirmed live cattle spec traders were closing shorts and adding new longs during the week that ended 6/6. That extended their net long to 114,637 contracts. Managed money was 18,070 contracts net long in feeder cattle after a week of light net new buying.
