Cattle Futures Post Light Gains
Very little aggressive price shifts have been seen in the livestock market Tuesday. The strength in outside markets is building buyer support which eroded on Monday.By Rick Kment DTN Analyst
GENERAL COMMENTS:
Livestock futures have replaced early losses in the cattle complex with moderate gains. The outside market support is drawing most of the support levels seen Tuesday. Corn futures are trading higher in moderate trade at midday. May corn futures are holding 9 cent gains at midday. Stock markets are higher in active trade. The Dow Jones is 155 points higher while Nasdaq is up 49 points.
LIVE CATTLE:
Moderate gains are seen through the live cattle futures market as traders focus on outside market strength. Trade volume may remain sluggish through much of the rest of the session. Cash cattle trade posted light activity in the South Monday at $125 per cwt. This is $2 per cwt lower, but unable to get additional business done Tuesday with the same bids. Trade may slow until midweek given the light support in futures markets. Beef cut-outs at midday are mixed, $0.20 per cwt lower (select) and up $0.29 per cwt (choice) with light movement of 88 total loads reported (54 loads of choice cuts, 26 loads of select cuts, zero loads of trimmings, eight loads of ground beef).
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The risk of loss in trading futures and options can be substantial, therefore only genuine "risk" funds should be used in such trading. Futures and options may not be a suitable investment for all individuals and individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. Information herein has been obtained and prepared from sources believed to be reliable; however no guarantee to its accuracy is made. Comments contained in these materials are not intended to be a solicitation to buy or sell any of the commodities mentioned. Past performance is not indicative of future performance results. Opinions expressed herein are the opinions of the author only and not the opinion of any firm the author may be affiliated or associated with.
