Live Cattle Futures Market News and Commentary
Live cattle futures closed Friday’s round of trading with 7 to 22 cent gains. August options expired today. Monday is First Notice Day for August cattle futures. The week’s cash market stayed mostly near $135-136 in the South and $143-147 in the North. Feeder cattle traded with triple digit gains on Friday, but closed the session 20 to 85 cents in the black. The CME Feeder Cattle Index was back up by $1.68 on 8/4 to $175.43.
The CFTC’s Commitment of Traders report showed managed money cattle traders were 499 contracts more net long as more shorts were closed than longs during the week of 8/2. That left the group 38,004 contracts net long. In feeder cattle, the spec traders were 1,105 contracts less net short to just 189 contracts.
June beef shipments were shown as 315m lbs. That was a record for the month, and marked the 4th consecutive monthly record. Beef shipments have been setting new records, or been near record levels since March of 2021. The Census total 1.786b... Read more