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Feeder Cattle Aug '23 (GFQ23)
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Feeder Cattle Futures Market News and Commentary

Friday Cattle Futures Close Mixed

The live cattle futures market ended the day with nearby losses of 15 to 37 cents, but deferred contract gains of less than 10 cents. USDA called the week’s cash market at $184 for the WCB, and $180 in the South. Friday’s feeder cattle trade ended with $2.72 to $3.27 gains in the front months. The CME Feeder Cattle Index was 73 cents weaker on 6/22 to $221 flat. 

CFTC’s weekly CoT update had the managed money cattle traders taking profits through the week that ended 6/20. The group was 9.3k contracts less net long to 110,622. Feeder cattle spec traders were also closing longs for a 3.2k weaker net long of 16,284 contracts. 

The monthly CoF data from NASS showed June 1 cattle on feed inventory was 11.552 million head. That was slightly less of a decline from ’22 than expected, at -2.93%. The May placements were counted at 1.955m head, up 4.6% from May ’22 vs. the 1.7% increase expected. NASS showed 1.946m head were marketed in May, up by 1.67% yr/yr. 

NASS reported... Read more

Contract Specifications

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Contract
Feeder Cattle
Contract Size
50,000 pounds
Tick Size
0.00025 per pound ($12.50 per contract)
Trading Hours
8:30a.m. - 1:05p.m. (Settles 1:00p.m.) CST
Exchange
CME
Point Value
$500
Margin/Maintenance
$3,465/3,150
First Notice Date
08/31/23 (69 days)
Expiration Date
08/31/23 (69 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jun 20, 2023

View Chart Details
Commercials - Long / Short
11,266 (-847)
15,961 (-1,746)
Non-Commercials - Long / Short
25,881 (-3,620)
12,386 (-1,490)
Producers - Long / Short
7,541 (-224)
12,817 (-1,265)
Swap Dealers - Long / Short
1,456 (-176)
875 (-34)
Managed Money - Long / Short
20,741 (-3,234)
5,046 (-231)
Other Reportables - Long / Short
5,140 (-386)
7,340 (-1,259)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
226.700 +3.20%
on 06/21/23
245.175 -4.58%
on 06/07/23
+0.475 (+0.20%)
since 05/23/23
3-Month
213.275 +9.69%
on 03/24/23
245.175 -4.58%
on 06/07/23
+19.325 (+9.00%)
since 03/23/23

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Most Recent Stories

More News
Hogs Finish Friday on Both Sides of UNCH

The Friday closes reflected the week’s net move, as June and August went into the weekend with 57 and 30 cent losses respectively to the deferred contracts’ 12 to 50 cent gains. July hogs were down...

HEN23 : 91.275s (-0.63%)
HEV23 : 79.975s (+0.16%)
KMN23 : 96.350s (-0.62%)
Friday Cattle Futures Close Mixed

The live cattle futures market ended the day with nearby losses of 15 to 37 cents, but deferred contract gains of less than 10 cents. USDA called the week’s cash market at $184 for the WCB, and $180...

LEM23 : 177.500s (-0.08%)
LEQ23 : 170.775s (-0.22%)
LEV23 : 174.500s (-0.10%)
GFQ23 : 233.950s (+1.42%)
GFU23 : 237.700s (+1.35%)
Shootin' the Bull about bad luck

In my opinion, if it weren't for bad luck, I'd have no luck at all.  My comments last week of a Fed in favor of letting the economy run hot, in an attempt to quell inflation, did not materialize.

Friday Hog Futures Trading Mixed at Midday

So far through the Friday session front month lean hog futures are within 30 cents of UNCH. The October and December contracts are lightly in the red. USDA’s National Average Morning Base Hog price was...

HEN23 : 91.275s (-0.63%)
HEV23 : 79.975s (+0.16%)
KMN23 : 96.350s (-0.62%)
Mixed Cattle Market through Midday

With a week left in the contract and no deliveries thus far, June cattle futures are down by 15 cents through midday. The August and October contracts are also 10-20 cents weaker as the deferred futures...

LEM23 : 177.500s (-0.08%)
LEQ23 : 170.775s (-0.22%)
LEV23 : 174.500s (-0.10%)
LEY00 : 180.000s (unch)
GFQ23 : 233.950s (+1.42%)
GFU23 : 237.700s (+1.35%)
Hog Market Net Red for the Week

Lean hog prices dropped by triple digits in the lead months with 3% losses for each July and August. That flipped the lead month contract back to net red for the week’s move. Profit taking was the main...

HEN23 : 91.275s (-0.63%)
HEV23 : 79.975s (+0.16%)
KMN23 : 96.350s (-0.62%)
Thursday Cattle Recovered Triple Digits

Live cattle futures closed triple digits stronger past the June’s 40c gain. The August was a $6.50 discount to June ahead of next Friday’s expiration. The feeder cattle market closed with $2.95 to...

LEM23 : 177.500s (-0.08%)
LEQ23 : 170.775s (-0.22%)
LEV23 : 174.500s (-0.10%)
GFQ23 : 233.950s (+1.42%)
GFU23 : 237.700s (+1.35%)
Hog Futures Collapsed on Thursday

Lean hog prices dropped by triple digits in the lead months with 3% losses for each July and August. That flipped the lead month contract back to net red for the week’s move. USDA’s National Average...

HEN23 : 91.275s (-0.63%)
HEV23 : 79.975s (+0.16%)
KMN23 : 96.350s (-0.62%)
Cattle Recover Triple Digits

Live cattle futures closed triple digits stronger past the June’s 40c gain. The August was a $6.50 discount to June ahead of next Friday’s expiration. The feeder cattle market closed with $2.95 to...

LEM23 : 177.500s (-0.08%)
LEQ23 : 170.775s (-0.22%)
LEV23 : 174.500s (-0.10%)
GFQ23 : 233.950s (+1.42%)
GFU23 : 237.700s (+1.35%)
Shootin' the Bull about a wide positive basis in fats

Fat cattle futures were firmer as the positive basis width may have grown a little too wide at the moment.  Other than this, there is not a great deal to discuss in the fat market. 

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 239.350
2nd Resistance Point 237.250
1st Resistance Point 235.600
Last Price 233.950s
1st Support Level 231.850
2nd Support Level 229.750
3rd Support Level 228.100

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52-Week High 245.175
Last Price 233.950s
Fibonacci 61.8% 225.569
Fibonacci 50% 219.513
Fibonacci 38.2% 213.456
52-Week Low 193.850

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