Live cattle futures are continuing the rally on Monday, with contracts up $1.97 to $2.77 at midday. Cash trade settled in last week with a $5-6 higher trend across the country. Southern trade was observed at $218, with business up to $222-224 in the North. 

Feeder cattle futures are posting $1.40 to $2.15 gains across most contracts on Monday. The CME Feeder Cattle Index was up 28 cents on May 1, with the average price at $296.38. The weekly OKC feeder cattle auction has an estimated 4,400 head for sale on Monday, slightly below last week.

Commitment of Traders data showed live cattle spec funds adding another 8,380 contracts to their net long as of April 29 to a net long of 128,840 contracts. In feeder cattle futures and options, managed money trimmed back 160 contracts from their net long to 27,901 contracts by Tuesday

USDA’s National Wholesale Boxed Beef prices are stronger on Monday, with the Chc/Sel spread at $18.03. Choice boxes are up $2.89 at $345.79 while Select product was quoted $2.41 lower at $327.76 per hundred pounds. USDA’s Federally inspected cattle slaughter was estimated at 550,000 head last week. That is 5,000 head above the week prior but down 61,527 head from the same week last year.

Jun 25 Live Cattle  are at $213.875, up $2.775,

Aug 25 Live Cattle  are at $209.225, up $2.450,

Oct 25 Live Cattle  are at $206.450, up $1.975,

May 25 Feeder Cattle  are at $296.375, up $1.425

Aug 25 Feeder Cattle  are at $298.875, up $1.975

Sep 25 Feeder Cattle  are at $297.700, up $2.150