Feeder Cattle Mar '18 (GFH18)
Feeder Cattle Futures Market News and Commentary
Cattle futures traded $1.37 to $1.75 lower on Friday. For June contracts that wasn’t enough to erase previous moves, as June cattle closed 2.5% higher on the week. From Friday to Friday August feeders gained $6.07, but closed the day with 15 cent losses going into the weekend. The other front months closed 50 to 92 cents lower, after rallying back from triple digit losses at midday. The May 28 CME Feeder Cattle Index was $2.34 higher to $129.36. Cash sales for Friday were limited at $118-$120, sales this week were mostly $115 to $120 with the bulk at $120. The weekly CoT update showed spec traders were buyers of fat cattle contracts wk/wk. On May 26, their net position was 14,977 contracts long. Feeder cattle specs were also net long, but only by 654 contracts. In USDA’s weekly Export Sales report, beef bookings were 11,483 MT. That was the highest since the week ending April 9, but 2,500 MT below the pre-shutdown 2020 average. Weekly beef exports in the report were 11,270 MT, which... Read more
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