Live Cattle Futures Market News and Commentary
Despite a bear friendly report, the cattle futures market is trading with triple digit gains of as much as 1.7%. Feeder cattle are leading the way through midday with gains of over 2% as the Jan contract is up by $5.02 and now in the black for the week’s move. USDA had the Thursday cash market from $166-170, though action was light and the bulk remains near $170-171.The CME Feeder Cattle Index for 12/06 was back down by $1.92 to $222.31.
The WAOB left the 2023 beef output at 26.932 billion lbs, in today’s WASDE report, but raised 2024 production to 25.99 billion lbs. That came via a 60m lb increase to Q1, a +45m for Q2, and a +75m for Q3.
The Boxed Beef report had Choice at $289.84 after a 72 cent drop and Select at $258.83 after weakening by $1.07. USDA reported the FI cattle slaughter at 502k head through Thursday, compared to 494k head last week and 504k head during the same week last year.
Dec 23 Cattle are at $164.125, up $1.775,
Feb 24 Cattle a... Read more
- Hogs Near Top End of $1.15 Range
Midday hog futures are trading 40 to 62 cents in the black, with the Feb contract ~20 cents off the session high. Feb futures have seen a$1.15 range so...
- Cattle Rallying Triple Digits through Friday
Despite a bear friendly report, the cattle futures market is trading with triple digit gains of as much as 1.7%. Feeder cattle are leading the way through...
WASDE - 2023-12-08
- Grain Markets Mixed Ahead of WASDE Report
Corn and soybeans gain ground ahead of this morning’s WASDE report while the wheat rally stalls out. These are the levels to watch for in today’s trade....
- Cattle Close Red on Thursday
After a back and forth session for Thursday, which had the Feb contract within a $2.82 range from -$1.15 to +$1.67. USDA had the Thursday cash market from...