Livestock futures rally; net cattle longs hit two-year low
Live Cattle futures posted broad gains, backed by a firm wholesale boxed beef report (Choice cuts rise $1.30 to $377.47). Feeder Cattle October jumped $5.30, while COT data showed net cattle longs around 8,400 contracts.
Oliver Sloup of Blue Line Futures said livestock markets were active after the holiday weekend. 47. 30. Sloup cited the latest Commitment of Traders data, which showed the net long cattle position falling to roughly 8,400 contracts, its smallest level in two years.
Lean hog futures also posted steady gains as trade volume begins rolling into the December contract. Sloup said positioning remains a key focus in hogs, with funds holding a net short position of nearly 35,000 contracts, near record levels set in July.