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Feeder Cattle Mar '24 (GFH24)

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Feeder Cattle Futures Market News and Commentary

Cattle Rallying on Thursday, with Stronger Cash Bids

Live cattle futures are trading with midday strength, as contracts are up 50 cents to $2.35. Cash trade has been quiet this week, with Thursday’s Central Stockyards Fed Cattle Exchange auction showing sales of $191 on a couple TX lots using their BidTheGrid™. Outside of that, there have been bids of $190 in the South. Feeder cattle futures are up 27 cents to $1.52. The CME Feeder Cattle Index was up 63 cents at $258.39 on July 23. 

Export Sales data from this morning totaled 13,400 MT during the week that ended on July 18 a 13% decline from last week. Actual sales totaled 16,300 MT, a 5% increase on the week.

USDA wholesale Boxed Beef prices were back higher in the Thursday AM report, with Choice boxes down 40 cents at $313.08 and Select products $1.36 higher @ $295.32. The Chc/Sel spread has narrowed to $17.76.  USDA estimated Wednesday FI slaughter at 122,000 head, putting the week to date at 360,000. That is even with last week and 12,352 head from a year ago. 

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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
$4,537/4,125
First Notice Date
03/28/24
Expiration Date
03/28/24 (expired)

Seasonal Chart

Feeder Cattle Mar '24
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Jul 16, 2024

View Chart Details
Commercials - Long / Short
17,423 (+404)
9,119 (+387)
Non-Commercials - Long / Short
11,667 (+694)
15,514 (-231)
Producers - Long / Short
13,412 (+424)
7,692 (-2)
Swap Dealers - Long / Short
3,029 (-96)
445 (+313)
Managed Money - Long / Short
8,806 (+577)
5,595 (-429)
Other Reportables - Long / Short
2,861 (+117)
9,919 (+198)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
246.525 +0.50%
on 03/14/24
253.075 -2.10%
on 03/04/24
-1.850 (-0.74%)
since 02/28/24
3-Month
222.725 +11.24%
on 12/29/23
254.900 -2.81%
on 02/26/24
+24.625 (+11.04%)
since 12/28/23

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Most Recent Stories

More News
Shootin' the Bull about converging basis

The cash trading this week has seemingly caused futures to run towards it, converging basis. Without expectations of higher cash, I would not expect today's gains to hold.  The push to new highs in August...

Cold Storage

Cold Storage - 2024-07-25

GFQ24 : 258.625s (+0.58%)
LEV24 : 188.600s (+1.25%)
HEV24 : 77.800s (-0.29%)
YKU24 : 18,555s (-0.70%)
BDQ24 : 310.7500 (+0.24%)
OJU24 : 420.10s (-0.91%)
Livestock Slaughter

Livestock Slaughter - 2024-07-25

GFQ24 : 258.625s (+0.58%)
LEV24 : 188.600s (+1.25%)
HEV24 : 77.800s (-0.29%)
YKU24 : 18,555s (-0.70%)
Corn and Soybeans Rally Into the Last Trading Day of the Week

Corn and soybeans were higher in today's trade following better than expected new crop export data. These are the levels we are keeping an eye on as we head into Friday's trade.

Hogs Slipping Lower on Thursday

Lean hogs are weaker so far at midday, with contracts down 10 to 55 cents. The USDA National Base Hog price was reported not reported on Thursday morning due to light volume. The CME Lean Hog Index was...

HEQ24 : 93.775s (unch)
HEV24 : 77.800s (-0.29%)
HEZ24 : 69.950s (-0.36%)
Cattle Rallying on Thursday, with Stronger Cash Bids

Live cattle futures are trading with midday strength, as contracts are up 50 cents to $2.35. Cash trade has been quiet this week, with Thursday’s Central Stockyards Fed Cattle Exchange auction showing...

LEQ24 : 188.900s (+1.07%)
LEV24 : 188.600s (+1.25%)
LEZ24 : 188.900s (+0.87%)
GFQ24 : 258.625s (+0.58%)
GFU24 : 257.900s (+0.47%)
GFV24 : 257.075s (+0.27%)
Cattle Traders Look to Thursday as Cash Trade Starts Slow

Live cattle futures posted 15 to 60 cent higher closes in the front months, with other contracts heading home lower on Wednesday. Cash trade has yet to kick off this week, with Wednesday’s Central Stockyards...

LEQ24 : 188.900s (+1.07%)
LEV24 : 188.600s (+1.25%)
LEZ24 : 188.900s (+0.87%)
GFQ24 : 258.625s (+0.58%)
GFU24 : 257.900s (+0.47%)
GFV24 : 257.075s (+0.27%)
Hogs Shift Focus to Thursday

Lean hogs posted gains of 12 to 90 cents across the nearby contracts on Wednesday. The USDA National Base Hog price was reported at $85.30 in the Wednesday afternoon summary, up 95 cents. The CME Lean...

HEQ24 : 93.775s (unch)
HEV24 : 77.800s (-0.29%)
HEZ24 : 69.950s (-0.36%)
Cotton and White Sugar is at their lowest carry yield scores for the past 52 weeks. Live Cattle is at its highest.

I am planning to sell a Live Cattle calendar this week and continue to hold a long White Sugar calendar spread

Hogs Extend Strength into Wednesday

Lean hogs posted gains 12 to 90 cent across the nearby contracts on Wednesday. The USDA National Base Hog price was reported at $85.30 in the Wednesday afternoon summary, up 95 cents. The CME Lean Hog...

HEQ24 : 93.775s (unch)
HEV24 : 77.800s (-0.29%)
HEZ24 : 69.950s (-0.36%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 248.525
2nd Resistance Point 248.150
1st Resistance Point 247.950
Last Price 247.750s
1st Support Level 247.375
2nd Support Level 247.000
3rd Support Level 246.800

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52-Week High 270.100
Last Price 247.750s
Fibonacci 61.8% 247.381
Fibonacci 50% 240.363
Fibonacci 38.2% 233.344
52-Week Low 210.625

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