**Live Cattle Futures Surge Amid Strike Action**
Live cattle futures have gained between $2.90 and $3.35 at midday on Monday, with cash trade prices settling at $234-236 per live pound and $372 per dressed pound last week. Feeder cattle futures are also on the rise, increasing by $6.10 to $7.20. The CME Feeder Cattle Index dropped by $2.62 to $358.35 on March 12, while the Monday OKC Feeder cattle auction reported an estimated 4,500 head for sale.
Meanwhile, a strike initiated by workers at the JBS plant in Greeley, Colorado, has begun, with union members picketing over the weekend. In the latest CFTC data, managed money reduced their net long position in live cattle by 5,487 contracts, now holding a total of 109,032 contracts. The USDA’s estimated federally inspected cattle slaughter for last week was 525,000 head, a 4,000 increase from the previous week, but 61,280 head less than the same week last year.
