The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreased their net-long live cattle futures position (blue line) by 10,059 contracts, putting it at 61.820 contracts as of Tuesday, January 11. Included in this was a decrease in their long futures position (green line) of 7,251 contracts and an increase of their short futures position (red line) by 2,808 contracts. The decrease in the noncommercial net-long futures position fits with what we saw in the futures market as the April contract lost $1.475 during that same week. Commercial selling was also indicated as the April-June futures spread lost $0.675 the week ending Tuesday, January 11.
