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Managed money enlarged its net long live cattle position to 61,706 contracts in the week ended Tuesday, while commercial hedgers cut their net short. Live cattle open interest rose 4.49% to 297,676 contracts, and the most-active August contract settled at $184.42 per cwt.
Rising fund long positions in cattle indicate speculative support for futures prices. Commercial hedgers reducing shorts can tighten the cattle futures market and support prices.
ziacommodities.comLester AldrichJul 1, 2024After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
