Profit Taking Pushed Feeders Lower

In a broadly weak Monday for ag commodities the live cattle market ended with 57c to $1.17 losses. Feeders were weaker yet with triple digit losses of as much as $3.52.CME reported a 1,602 contract reduction for October feeders during the drop from LoC highs on Monday. Note, CME data had net new selling in the deferred feeders. USDA reported cash cattle trade on Friday near $182-$183 in the South. The Northern cash market was mostly steady near $185 for the week. The CME Feeder Cattle Index was 64 cents weaker to $252.75 on 9/15. The OKC feeder auction featured 7,500 head, with prices mostly $2-5 per hundred higher.