Cattle Commentary: Cattle futures drifted lower through the whole session, a continuation of much of last week’s trade. Outside markets saw a similar trade which didn’t help the cause. Early calls for cash this week are steady with last week. Keep in mind that we do have a Cattle on Feed report out on Friday afternoon. Early estimates are for On Feed at 108.1, Placements 103.4, and Marketings at 101; this would be the largest On Feed number dating back to 2008. Friday’s Commitment of Traders report showed non-commercial traders sold 8,399 contracts, putting their net long at 104,924 contracts. April live cattle finished the session down .80 at 120.45, trading in a range of 1.675. We will begin shifting attention towards June as it will be the leader in terms of volume; June fats finished down 1.425 at 110.325, trading in a range of 2.20. April feeders finished the day down 1.95 at 138.25, trading in a range of 2.85. Boxed beef was mixed on the day.
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