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Live Cattle Aug '23 (LEQ23)

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Live Cattle Futures Market News and Commentary

Cattle Close Mixed on Wednesday

Live cattle futures were down a tick to 60 cents in the 2024 contracts on Wednesday with the 2025 futures up 7 to 45 cents. Cash action has been quiet this week. The Central Stockyards Fed Cattle Exchange saw no sales on the 1,376 head listed, with bids at $181 and asks at $184. Feeder cattle were pulling back at midweek, with contract down 2 to 70 cents, as April was an exception, up 7 cents. The CME Feeder Cattle index was $1.27 higher on April 16 to $241.36. 

Cattle on Feed data will be released on Friday, with the trade expecting to see March placements down 7% from a year ago. Marketings during the month are projected to be 11.9% lower vs. March 2023.  April 1 on feed inventory is seen up 2.1% from last year. 

USDA’s Wholesale Boxed Beef prices were lower in the Wednesday afternoon report. Choice boxes were down $1.24 to $296.78, with Select $1.76 lower to $290.88. That took the Chc/Sel spread to $5.90. Wednesday’s USDA estimated cattle slaughter was pegged at 124,0... Read more

Contract Specifications

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Contract
Live Cattle
Contract Size
40,000 pounds
Tick Size
0.00025 per pound ($10.00 per contract)
Trading Hours
8:30a.m. - 1:05p.m. (Settles 1:00p.m.) CST
Exchange
CME
Point Value
$400
Margin/Maintenance
$2,695/2,450
First Notice Date
08/07/23
Expiration Date
08/31/23 (expired)

Seasonal Chart

Live Cattle Aug '23
Average Price Chart for 5 Prior Aug Contracts

Commitment of Traders Positions as of Apr 9, 2024

View Chart Details
Commercials - Long / Short
103,152 (-929)
145,631 (-11,660)
Non-Commercials - Long / Short
100,435 (-15,003)
51,464 (-3,918)
Producers - Long / Short
45,106 (-2,982)
140,137 (-10,151)
Swap Dealers - Long / Short
54,739 (+1,758)
2,187 (-1,804)
Managed Money - Long / Short
66,119 (-14,136)
23,983 (+4,352)
Other Reportables - Long / Short
34,316 (-867)
27,481 (-8,270)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
177.475 +1.27%
on 08/18/23
181.700 -1.09%
on 08/10/23
+1.675 (+0.94%)
since 07/31/23
3-Month
167.325 +7.41%
on 06/01/23
182.975 -1.78%
on 07/20/23
+12.050 (+7.19%)
since 05/31/23
52-Week
149.800 +19.98%
on 09/29/22
182.975 -1.78%
on 07/20/23
+26.600 (+17.37%)
since 08/26/22

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Cattle Close Mixed on Wednesday

Live cattle futures were down a tick to 60 cents in the 2024 contracts on Wednesday with the 2025 futures up 7 to 45 cents. Cash action has been quiet this week. The Central Stockyards Fed Cattle Exchange...

LEJ24 : 180.900s (-0.33%)
LEM24 : 175.325s (-0.23%)
LEQ24 : 172.775s (-0.09%)
GFJ24 : 240.425s (+0.03%)
GFK24 : 240.275s (-0.29%)
GFQ24 : 252.125s (-0.09%)
Hogs Close Wednesday Mostly Higher

Hogs were mixed on the Wednesday trade session, as contracts were anywhere within 10 cents lower to 47 cents higher. USDA’s National Average Base Hog negotiated price was up 9 cents at $89.13 in the...

HEK24 : 94.925s (+0.21%)
HEM24 : 102.725s (-0.10%)
HEN24 : 104.300s (+0.26%)
Shootin' the Bull about declining volatility

Price action today didn't seem to impress anyone.  There remains some indecision and skepticism as to what the next most probable move is going to be.  My analysis continues to suggest further triangulation...

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Z8Y00 : 116.50s (unch)
WDU24 : 3,779s (-1.25%)
Hogs Mostly Lower on Wednesday

Hogs are down 15 to 52 cents across most contracts, with exception to a 12 cent gain in the August. USDA’s National Average Base Hog negotiated price was up $2.31 at $88.45 in this morning report. The...

HEK24 : 94.925s (+0.21%)
HEM24 : 102.725s (-0.10%)
HEN24 : 104.300s (+0.26%)
Cattle Pulling Back After Early Week Gains

Live cattle futures are down anywhere from a quarter to $1.45 at midday. Cash action has been quiet this week. The Central Stockyards Fed Cattle Exchange saw no sales on the 1,376 head listed, with bids...

LEJ24 : 180.900s (-0.33%)
LEM24 : 175.325s (-0.23%)
LEQ24 : 172.775s (-0.09%)
GFJ24 : 240.425s (+0.03%)
GFK24 : 240.275s (-0.29%)
GFQ24 : 252.125s (-0.09%)
Cattle Rally

Cattle futures were able to stage an impressive relief rally in yesterday's trade but are approaching resistance.  Will the Bulls be able to keep the momentum going?

Hogs Look to Wednesday Trade

Lean hogs posted gains of anywhere from a tick to 40 cents on Tuesday. December was the lone exception, a dime lower. USDA’s National Average Base Hog negotiated price was up $3.33 at $86.04 in this...

HEK24 : 94.925s (+0.21%)
HEM24 : 102.725s (-0.10%)
HEN24 : 104.300s (+0.26%)
Cattle Bulls Working on First Winning Streak Since February

Live cattle continued the rally from Monday with contracts closing $1.20 to $1.90 higher at the close on Tuesday. A higher close today would make it 3 days in a row for the first time in nearly 2 months....

LEJ24 : 180.900s (-0.33%)
LEM24 : 175.325s (-0.23%)
LEQ24 : 172.775s (-0.09%)
GFJ24 : 240.425s (+0.03%)
GFK24 : 240.275s (-0.29%)
GFQ24 : 252.125s (-0.09%)

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 181.892
2nd Resistance Point 180.808
1st Resistance Point 180.267
Last Price 179.725s
1st Support Level 178.642
2nd Support Level 177.558
3rd Support Level 177.017

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52-Week High 182.975
Last Price 179.725s
Fibonacci 61.8% 170.302
Fibonacci 50% 166.388
Fibonacci 38.2% 162.473
52-Week Low 149.800

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