Live Cattle Futures Market News and Commentary
Live cattle futures were lower on the last trade day of the week, giving back 30 to 47 cents in the front months. Feeder cattle, however, found strength in the afternoon to close 40 to 50 cents higher. Sept feeders were 27 cents red on Friday. Catch up cash business was light on Friday with a few $122 deals reported in the South. USDA cited $124 as the bulk for most cash deals for this week, with dressed mostly $194 - $198. The CME Feeder Cattle Index was $154.04 on 9/23, down by 45 cents.
CFTC data as of Tuesday showed managed money had sold back 4.4k longs and sold into 6.9k new shorts for an 11,339 contract net swing. That left the group 34,704 contracts net long, which was their weakest net long since November 3rd 2020. In feeder cattle, managed money funds switched to net short by selling 2,705 new contracts.
The monthly NASS Cattle on Feed report had 11.234 million head as of Sept 1. That was up from 11.074m head in August but was still 1.4% below last year. The... Read more