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Both live cattle and feeder futures rallied on Friday, with live cattle settling 65-73 cents higher and feeders, approaching $2.The CME feeder cattle index dropped 92 cents to $216.71. Boxed beef was up 13 cents for Choice and down 25 cents for Select, averaging $250.80 and $246.71 respectively. This widened the spread to $4.09. Estimated weekly slaughter including Saturday, is pegged at 531,000 head. That’s up from 518,000 last week but 588,000 last year. Managed money added a hefty 12,000 contracts to their more than 64,000 long position and added to their long feeder position as well. Live cattle gained better than $4.27 and feeders, more than $2.72 this week.