Cattle started the week mixed with live cattle lower while feeder cattle started higher. But the rest of the short week had cattle trading with solid gains with most months pushing up against resistance.
Cattle opened the week higher across the board but slipped to trade mixed with live cattle on the defense while feeders remained firm. Live cattle were under pressure from slow packer buying as most are not looking to load up on cattle at year end. Feeder cattle were supported by technical buying. Light support for the feeder cattle came from the lower corn.
Strong gains were seen in the cattle market on Tuesday as cattle opened the session higher and extended gains right out of the gate. Early support came from seasonal expectations of improving beef demand after the first of the year. The lack of a cash trade so far this week is limiting the gains in the live cattle. Feeder cattle are seeing support spill over from a lower grain complex as well as from technical support as traders push the feeder cattle charts to close the Oct 24/27 gap.
Small gains were posted in the cattle markets to close out the short trading week ending Wednesday. Cattle opened the session steady to lower but managed to shake off early selling pressure and push to post solid gains by midsession. Early selling was tied to profit taking and position squaring ahead of end of year. Cattle managed to brush off the early selling pressure as technical buying stepped in to push cattle higher with most contracts making a run to test the 67% retracement level. At this point Feb live cattle appear set to test $233.45. Jan feeder cattle look like they will test $360.85. Gains in the live cattle were kept in check by the lack of cash trade. But reports of a discovery of another new world screw worm case about 197 miles from the US Mexico border added support.
Wednesday’s CME cash feeder cattle index was down $7.96 at $348.04.
For the week, Dec live cattle expired at $232.00 up $2.175 while February live cattle closed at $236.00 up $6.35. Jan feeder cattle closed at $356.10 up $9.925.
For the month, Dec live cattle closed up $16.425 while February live cattle closed up $13.75. Jan feeder cattle closed up $26.275.
For the year, Dec live cattle closed up $41.95 while February live cattle closed up $40.925. Jan feeder cattle closed up $87.55.
Cattle Weekly Comments January 2
Cattle Weekly Comments January 2
Cattle started the week mixed with live cattle lower while feeder cattle started higher. But the rest of the short week had cattle trading with solid gains with most months pushing up against resistance.
Cattle opened the week higher across the board but slipped to trade mixed with live cattle on the defense while feeders remained firm. Live cattle were under pressure from slow packer buying as most are not looking to load up on cattle at year end. Feeder cattle were supported by technical buying. Light support for the feeder cattle came from the lower corn.
Strong gains were seen in the cattle market on Tuesday as cattle opened the session higher and extended gains right out of the gate. Early support came from seasonal expectations of improving beef demand after the first of the year. The lack of a cash trade so far this week is limiting the gains in the live cattle. Feeder cattle are seeing support spill over from a lower grain complex as well as from technical support as traders push the feeder cattle charts to close the Oct 24/27 gap.
Small gains were posted in the cattle markets to close out the short trading week ending Wednesday. Cattle opened the session steady to lower but managed to shake off early selling pressure and push to post solid gains by midsession. Early selling was tied to profit taking and position squaring ahead of end of year. Cattle managed to brush off the early selling pressure as technical buying stepped in to push cattle higher with most contracts making a run to test the 67% retracement level. At this point Feb live cattle appear set to test $233.45. Jan feeder cattle look like they will test $360.85. Gains in the live cattle were kept in check by the lack of cash trade. But reports of a discovery of another new world screw worm case about 197 miles from the US Mexico border added support.
Wednesday’s CME cash feeder cattle index was down $7.96 at $348.04.
For the week, Dec live cattle expired at $232.00 up $2.175 while February live cattle closed at $236.00 up $6.35. Jan feeder cattle closed at $356.10 up $9.925.
For the month, Dec live cattle closed up $16.425 while February live cattle closed up $13.75. Jan feeder cattle closed up $26.275.
For the year, Dec live cattle closed up $41.95 while February live cattle closed up $40.925. Jan feeder cattle closed up $87.55.