Are spec funds increasing their net long in cattle futures & options?

CFTC data showed spec funds increasing their net long in live cattle futures and options by another 12,076 contracts as of May 28 to 58,556 contracts. USDA’s Wholesale Boxed Beef prices were lower on Friday afternoon. Choice boxes were down 84 cents at $313.20, with Select 81 cents lower to $301.71. The Chc/Sel spread has widened to $11.50.

How did beef export sales compare to the previous week?

Beef Export Sales were reported at 15,700 MT, a sharp drop of 27% from the previous week. Export shipments were tallied at 16,100 MT, a 7% decline from the week prior’s calendar year high. CFTC data showed spec funds increasing their net long in live cattle futures and options by another 12,076 contracts as of May 28 to 58,556 contracts.

What happened to cattle in June?

Live cattle were down $1 to $1.50 on Friday, the end of the month provided some selling opportunities. June was up $6.57 during May. Cash action this week saw the North reported at $190, down $2 on the week. The South traded hands at $186, a $1 pullback. Feeders were down $2.47 to $2.67 at the close of the week.