Morning Ag Markets – Matt Hines
Date: February 5, 2024 Livestock futures last Friday finished mixed on fairly quiet trading but week over week gains were locked in earlier from the friendly Cattle Inventory report. Live cattle and feeders continue to make new recent highs led by feeders as most contracts now eclipsing the 62% retracement levels from the sharp losses earlier this fall. Cash fed cattle trade last week was $2 to $3 higher than the week previous with trade in TX and KS done at $178 to $179 live and trade in the North from $176 to $179 live and $280 dressed. The CFTC Commitment of Traders report for the week ending January 30th showed funds buying 12,644 live cattle contracts and net long 30,016 contracts while buying 2,644…