The cattle markets struggled this week, posting losses in the first three sessions of the short week. Profit taking and position squaring ahead of end of month and end of quarter combined with position squaring ahead of the long weekend. A light cash trade added pressure as everyone is sitting on their hands to see how strong the holiday beef demand ends up. Losses were kept in check by futures steep discount to cash.
Cattle opened the week on the defense and extended session losses throughout the session. Profit taking and position squaring head of another long weekend added trading activity. Losses were kept in check by reports that now there are 25 activity cases of NWS worm in the US. All have been quarantined. Cash trade took place late last week at $260. Funds were buyers of cattle last week.
The June live cattle futures contract went off the board Tuesday with little fanfare. June closed at $249.00. The remainer of the cattle contracts started the session lower and proceeded to extend session losses throughout the day. Profit taking and technical selling was the main feature as traders took money off the table ahead of what will be a long weekend. The evening up of positions ahead of end of month and end of quarter added dynamics to the cattle market. The new front month Aug live cattle contract is trading at a steep discount to cash. Cash traded at $260 early in the week. APHIS is reporting NWS worn cases at 29.
In an attempt to stage a recovery, cattle opened the session midweek with gains and extended their strength early. Support came from traders trying to bring the futures more in line with cash. At this point, cash is holding huge double-digit premium to the futures. Cattle started to fade around midsession with selling tied to pressure from the higher grain complex. Profit taking and position squaring ahead of the long weekend was also evident as traders started to take money off the table. Cash activity has been light this week and likely will not see much action until next week due to the holiday.
As of June 28, pasture and range conditions were rated at 34% g/e, 31% fair and 35% p/vp, up 1% from last week.
For the week, June live cattle went off the board at $249.00 up 75 cents, while Aug live cattle closed at $239.225 down $6.60. Aug feeder cattle closed at $360.625 down $9.225.
For the month, June live cattle were up 75 cents while the Aug contract was up $3.375. Aug feeder cattle closed up $16.175.
Cattle Weekly Comments July 2
Cattle Weekly Comments July 2
The cattle markets struggled this week, posting losses in the first three sessions of the short week. Profit taking and position squaring ahead of end of month and end of quarter combined with position squaring ahead of the long weekend. A light cash trade added pressure as everyone is sitting on their hands to see how strong the holiday beef demand ends up. Losses were kept in check by futures steep discount to cash.
Cattle opened the week on the defense and extended session losses throughout the session. Profit taking and position squaring head of another long weekend added trading activity. Losses were kept in check by reports that now there are 25 activity cases of NWS worm in the US. All have been quarantined. Cash trade took place late last week at $260. Funds were buyers of cattle last week.
The June live cattle futures contract went off the board Tuesday with little fanfare. June closed at $249.00. The remainer of the cattle contracts started the session lower and proceeded to extend session losses throughout the day. Profit taking and technical selling was the main feature as traders took money off the table ahead of what will be a long weekend. The evening up of positions ahead of end of month and end of quarter added dynamics to the cattle market. The new front month Aug live cattle contract is trading at a steep discount to cash. Cash traded at $260 early in the week. APHIS is reporting NWS worn cases at 29.
In an attempt to stage a recovery, cattle opened the session midweek with gains and extended their strength early. Support came from traders trying to bring the futures more in line with cash. At this point, cash is holding huge double-digit premium to the futures. Cattle started to fade around midsession with selling tied to pressure from the higher grain complex. Profit taking and position squaring ahead of the long weekend was also evident as traders started to take money off the table. Cash activity has been light this week and likely will not see much action until next week due to the holiday.
As of June 28, pasture and range conditions were rated at 34% g/e, 31% fair and 35% p/vp, up 1% from last week.
For the week, June live cattle went off the board at $249.00 up 75 cents, while Aug live cattle closed at $239.225 down $6.60. Aug feeder cattle closed at $360.625 down $9.225.
For the month, June live cattle were up 75 cents while the Aug contract was up $3.375. Aug feeder cattle closed up $16.175.