Feeder Cattle Jan '21 (GFF21)
Feeder Cattle Futures Market News and Commentary
Live cattle futures pull off early losses on Friday, with contracts closing down 30 cents to $1.15 higher. October was up 95 cents on the week. Cash trade has picked up a few at $355-360 dressed and $223-227. Feeder cattle futures were down 55 cents in the front month August, and other up a dime to $1.85 on the day, with September falling $5.52 this week. The CME Feeder Cattle Index was down another 85 cents on August 20 to $341.00.
Early this morning President Trump stated the US “will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariffs” for 90 days.
USDA’s Cattle on Feed report showed July placement dropping 11.01% from a year ago at 1.422 million head, well below estimates. July marketings were down 7.38% to 1.62 million head, in line with expectations. August 1 on feed inventory was up 1.79% to 11.117 million head, short of estimates calling for a 2.4% increase.
Commitment of Traders data showed managed mone... Read more
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