On Friday, live cattle futures surged, with April contracts rising $4.45 for the week, closing at $238.500, while feeder cattle futures increased by as much as $8.075, with May contracts closing at $359.825. Cash trade was limited, with a few sales recorded at $234-235. The CME Feeder Cattle Index decreased by 26 cents to $362.98 as of March 26.
As of the week ending March 24, large managed money speculators held a net long position of 110,909 contracts in live cattle futures, reflecting an increase of 4,294 contracts. In feeder cattle, speculators held a net long of 17,810 contracts, up 123 contracts from the previous week. USDA estimated this week’s cattle slaughter at 520,000 head, up 17,000 from last week but 88,580 below the same week last year.
