Cattle opened and closed the week with gains but lost significant ground during the middle of the week. Profit taking and position squaring ahead of the long weekend help give cattle support. Domestic demand concerns and concerns about the US economy and the expectation that the Fed might have to increase interest rates added pressure.
Cattle opened the week higher and proceeded to extend session gains throughout the session. Technical buying was the main focus in cattle are traders try to correct an oversold market condition. Light support was also due to end of month position squaring.
Tuesday’s session had cattle starting the session mixed with live cattle lower while feeder cattle started higher. Live cattle were under pressure from the lack of a cash trade. Feeder cattle were supported early by spillover support from a lower corn market. Once crude oil rallied and the Dow sold off, cattle expanded their losses. A sharp rally in the grains added pressure.
Cattle managed to start the midsession higher across the board, but once the grains firmed, cattle faded. A slightly softer cash trade added pressure as cash bids were $2 below last week at $218. Domestic demand concerns added pressure as this weekend is the last of the summer BBQ holidays.
Cattle opened the session higher and extended session gains throughout the first half of the session. Technical buying and profit taking were the main supporting factor early in the session. Reports from the Federal Reserve saying they might leave interest rates unchanged added support. The Fed did preference that by saying it will depend on Aug numbers. A little more active cash trade developed at $218. Last week’s beef export sales pace was estimated at 12,937 MT, which was a 3-week high. Feeder cattle were supported by a softer grain complex.
As of August 30, pasture and range conditions were estimated at 18% g/e, 30% fair, and 52% p/vp, down 3% from the previous week.
For the week, Oct live cattle contracts closed at $212.95 up $1.225. Sept feeder cattle closed at $324.825 up $3.925.
For the month, Aug live cattle dropped $11.00 while Oct declined $14.575. Aug feeder cattle lost $14.275 while Sept feeder cattle lost $22.325.
Cattle Weekly Comments September 4
Cattle Weekly Comments September 4
Cattle opened and closed the week with gains but lost significant ground during the middle of the week. Profit taking and position squaring ahead of the long weekend help give cattle support. Domestic demand concerns and concerns about the US economy and the expectation that the Fed might have to increase interest rates added pressure.
Cattle opened the week higher and proceeded to extend session gains throughout the session. Technical buying was the main focus in cattle are traders try to correct an oversold market condition. Light support was also due to end of month position squaring.
Tuesday’s session had cattle starting the session mixed with live cattle lower while feeder cattle started higher. Live cattle were under pressure from the lack of a cash trade. Feeder cattle were supported early by spillover support from a lower corn market. Once crude oil rallied and the Dow sold off, cattle expanded their losses. A sharp rally in the grains added pressure.
Cattle managed to start the midsession higher across the board, but once the grains firmed, cattle faded. A slightly softer cash trade added pressure as cash bids were $2 below last week at $218. Domestic demand concerns added pressure as this weekend is the last of the summer BBQ holidays.
Cattle opened the session higher and extended session gains throughout the first half of the session. Technical buying and profit taking were the main supporting factor early in the session. Reports from the Federal Reserve saying they might leave interest rates unchanged added support. The Fed did preference that by saying it will depend on Aug numbers. A little more active cash trade developed at $218. Last week’s beef export sales pace was estimated at 12,937 MT, which was a 3-week high. Feeder cattle were supported by a softer grain complex.
As of August 30, pasture and range conditions were estimated at 18% g/e, 30% fair, and 52% p/vp, down 3% from the previous week.
For the week, Oct live cattle contracts closed at $212.95 up $1.225. Sept feeder cattle closed at $324.825 up $3.925.
For the month, Aug live cattle dropped $11.00 while Oct declined $14.575. Aug feeder cattle lost $14.275 while Sept feeder cattle lost $22.325.