Live cattle futures are up $1.17 to $1.70 so far on Monday. Cash trade has yet to see much this week, with last week at $221-223 in the South and some up to $225, with business at $234-237 in the North. Feeder cattle futures are rallying at midday with contracts up $3 to $3.15. The CME Feeder Cattle Index was up $1.55 on May 29 with an average price of $299.30. The Monday OKC feeder cattle auction has an estimated 7,500 head for sale. Early trade has been noted a uneven.

New trading limits are set for today, with live cattle at $7.25 (previously $6.50) and feeders at $9.25 (previously $8.25).

The Friday afternoon Commitment of Traders report showed spec traders in live cattle futures and options cutting back 1,271 contracts from their net long position to 131,293 contracts as of last Tuesday. In feeder cattle futures and options, managed money trimmed 714 contracts from their large net long position to 33,258 contracts by May 27^th.

USDA’s National Wholesale Boxed Beef prices were mixed in the Monday morning report, with the Chc/Sel spread at $8.69. Choice boxes were down 20 cents at $366.14, while Select was quoted 80 cents higher at $357.45/cwt. USDA’s Federally inspected cattle slaughter for last week was 477,000 head. That is down 61,910 head from the same holiday week last year.

Jun 25 Live Cattle  are at $216.650, up $1.175,

Aug 25 Live Cattle  are at $211.025, up $1.675,

Oct 25 Live Cattle  are at $209.050, up $1.650,

Aug 25 Feeder Cattle  are at $301.875, up $3.050

Sep 25 Feeder Cattle  are at $300.850, up $3.150

Oct 25 Feeder Cattle  are at $298.825, up $3.125