Feeder Cattle futures lead gains
Feeder Cattle futures rise on firm beef data
Livestock futures ended mostly higher, led by strong upside momentum in Feeder Cattle futures while Live Cattle futures saw a more mixed session.
Wholesale boxed beef prices remained firm, with Choice cuts rising to 364.22 and Select cuts advancing to 351.13.
USDA slaughter data showed weekly totals reaching 413,000 head, up from the previous week but lower year over year.
In addition, the latest Commitment of Traders report indicated that managed money funds trimmed their net long position in Live Cattle futures to a two-year low of roughly 65,000 contracts, while expanding their net long position in Feeder Cattle futures to 10,400 contracts.