Cattle started the week and closed out the week posting losses but did see strong gains during the middle of the week.
Cattle started the week higher in both contracts but ran into heavy selling pressure around midsession resulting in both contracts to sell off. Early support spilled over from the lower grain complex, but gains were trimmed due to pressure from the outside markets. Fund buying added support as the funds have returned to the cattle market as buyers last week. Pressure was due to Friday’s Cold Storage report, which showed beef stocks in the freezer up 5% from last year.
Tuesday’s session saw the cattle market open higher in both exchanges but slipped to trade mixed for the first half of the session. Cattle managed to find footing by midsession as most months were posting solid gains by midsession. Live cattle saw pressure from a quiet cash trade. Feeder cattle were supported by a weaker corn market. Live cattle were also pressured by the recent disruptions in slaughter activity as ICE has been present at a few packing plants causing employee issues.
Buying returned to both cattle contracts midweek. Cattle opened the session higher across the board but traded in a mixed fashion for part of the session. Losses were trimmed and gains were encouraged by spill over support from the lower grains. Live cattle gains were kept in check by the lack of a cash trade. Technicals show cattle still have some more room to move higher.
The gains kept coming as cattle once again saw strong gains to close out the week ending Thursday. Cattle opened steady to higher but traded in a back-and-forth fashion during the first half of the session. The lack of a cash trade pressured live cattle early. A light cash trade was reported taking place between $219 and $219.50. A steady to higher wheat and corn market pressured feeder cattle early. But once the grains turned lower feeders found footing and turned higher. Last week’s export sale pace was supportive as live cattle exports were reported at 14,638 MT, which was a 6-week high.
The cash feeder cattle index closed at $338.03.
As of Sept 27, pasture and range conditions were estimated at 19% g/e, 30% fair, and 51% p/vp, up 2% from the previous week.
By the week, Oct live cattle contracts closed at $218.85 down 2.5 cents while the Oct feeder cattle contract closed at $334.625 down 30 cents.
For the month, Oct live cattle contracts closed up $6.00 while the Oct feeder cattle contract closed up $19.40.
Cattle Weekly Comments October 2
Cattle Weekly Comments October 2
Cattle started the week and closed out the week posting losses but did see strong gains during the middle of the week.
Cattle started the week higher in both contracts but ran into heavy selling pressure around midsession resulting in both contracts to sell off. Early support spilled over from the lower grain complex, but gains were trimmed due to pressure from the outside markets. Fund buying added support as the funds have returned to the cattle market as buyers last week. Pressure was due to Friday’s Cold Storage report, which showed beef stocks in the freezer up 5% from last year.
Tuesday’s session saw the cattle market open higher in both exchanges but slipped to trade mixed for the first half of the session. Cattle managed to find footing by midsession as most months were posting solid gains by midsession. Live cattle saw pressure from a quiet cash trade. Feeder cattle were supported by a weaker corn market. Live cattle were also pressured by the recent disruptions in slaughter activity as ICE has been present at a few packing plants causing employee issues.
Buying returned to both cattle contracts midweek. Cattle opened the session higher across the board but traded in a mixed fashion for part of the session. Losses were trimmed and gains were encouraged by spill over support from the lower grains. Live cattle gains were kept in check by the lack of a cash trade. Technicals show cattle still have some more room to move higher.
The gains kept coming as cattle once again saw strong gains to close out the week ending Thursday. Cattle opened steady to higher but traded in a back-and-forth fashion during the first half of the session. The lack of a cash trade pressured live cattle early. A light cash trade was reported taking place between $219 and $219.50. A steady to higher wheat and corn market pressured feeder cattle early. But once the grains turned lower feeders found footing and turned higher. Last week’s export sale pace was supportive as live cattle exports were reported at 14,638 MT, which was a 6-week high.
The cash feeder cattle index closed at $338.03.
As of Sept 27, pasture and range conditions were estimated at 19% g/e, 30% fair, and 51% p/vp, up 2% from the previous week.
By the week, Oct live cattle contracts closed at $218.85 down 2.5 cents while the Oct feeder cattle contract closed at $334.625 down 30 cents.
For the month, Oct live cattle contracts closed up $6.00 while the Oct feeder cattle contract closed up $19.40.