Live cattle futures experienced modest selling pressure on Friday, with October contracts slipping $2 to $2.30 lower and October delivery down $6 for the week. Cash markets softened to $240 per head, a $2 decline from the previous week. Feeder cattle futures also fell, dropping $4.82 to $7.25 per hundredweight in the front months, while the September contract slid $9.42. The CME Feeder Cattle Index slipped 40 cents to $363.08 as of September 11.
Managed money activity showed a modest increase in net long positions, with 561 additional contracts added to live cattle futures and options, bringing the total to 131,003 contracts. In contrast, speculators reduced their net long exposure in feeder cattle futures and options by 2,739 contracts, leaving the position at 25,636 contracts.
The recent settlement prices for live cattle futures were as follows: October $229.975, down $2.30; December $231.925, down $2.20; February $233.225, down $2.025. Feeder cattle settlements included September $350.400, down $4.825; October $345.800, down $6.550; November $343.250, down $7.225.
