Live cattle futures are trading higher, gaining 42 cents to $2.35 at midday, largely supported by a weekend deal between the US and Iran boosting equities. Cash trade for cattle increased to $255 nationwide, with some prices reaching $257-258. Feeder cattle futures rose between $4.10 and $5.32, with the CME Feeder Cattle Index falling to $368.01 on June 10.
As of June 9, managed money reduced their net long positions in live cattle futures by 5,962 contracts to 109,002. In feeder cattle futures, speculators added only 77 contracts to their net long position, increasing it to 10,920 contracts. USDA data reported an inspected cattle slaughter of 524,000 head last week, a decrease of 7,000 from the prior week and 36,282 below last year.
Current futures prices include: June Live Cattle at $250.300 (up $0.425), August at $242.700 (up $1.525), October at $236.150 (up $2.350); August Feeder Cattle at $361.525 (up $4.100), September at $359.575 (up $5.025), and October at $356.250 (up $5.325).
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