Nerves Subside in Outside Markets
A broad-based risk-off trade into the weekend has so far failed to spill into the new week of trade.
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Live Cattle (August)
August live cattle futures got hit hard on Friday, trading down to the 20-day moving average which has acted a bit like trendline support over the last month and a half. Concerns and headline risks ahead of the weekend may have played a role in the risk-off trade on Friday. Outside markets are firm to start the week with oil gapping higher initially, but then trading lower, both of these indicating a calming of the nerves relative to what we saw on Friday.
Resistance: 216.00-216.075***, 220.00-220.25**
Pivot: 214.50
Support: 212.10-213.05***
Daily Cattle and Beef Summary
Cutout values were firm on Friday afternoon with choice cuts 1.16 higher to 377.88 and select cuts .43 higher to 363.50. Slaughter on Friday was reported at 100k head. The 5-area average price for live steers was reported at 237.50. The CME Feeder Cattle Index is at 317.10 with the NBW Real Time Index at 312.12 this morning.
*Below is a look at weekly choice cutouts VS last year and the 5-year average.
Seasonal Tendency Update
(updated 6.16.25)
Below is a look at historical price averages for August futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).
Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net buyers of roughly 6.2k futures and options contracts, brining the net long to 137,836. A historically lofty position but still below the All Time High record that was set at the end of January, 156,909.
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