Feeder Cattle Futures Market News and Commentary
Friday’s cattle trade settled triple digits higher. The $2.10 gain in October left the lead month at a 15 cent gain for the week’s move, while Dec was still 47 cents in the red Fri/Fri. USDA reported had the week’s cash trade from $185-$186 in the North and mostly near $183 for the South. Feeder cattle futures ended Friday $0.82 to $1.45 in the black. That limited the week’s net loss to $3.27 for Sep. The CME Feeder Cattle Index from was 87 cents weaker on 9/21 to $253.22.
The weekly CFTC report confirmed net new buying from cattle spec traders during the week that ended 9/19. The group added 5.2k new longs for a 103k contract net long. The funds were little changed through the week in feeder cattle – at 16,243 contracts net long for 9/19.
The monthly CoF report showed 11.094m head of cattle in 1,000+hd feedlots on 9/1. That was a 2.18% drop from Sep ’22, near the 2.3% drop expected. NASS had August placements at 2.003m head, which was 5.1% lower yr/yr compared to the... Read more