Agricultural News
National Cattlemen Engaging with CME Group to Make Cattle Futures Work as Intended- and at Other Options as Well
Sun, 11 Sep 2016 14:12:03 CDT
The huge jumps higher and lower on the live cattle and feeder cattle futures traded on the Chicago Mercantile Exchange have caused a lot of concern within the beef cattle industry. Colin Woodall, who heads up with the Washington office of the National Cattlemen's Beef Association, says members of his group have been very clear that everything that can be done to address the volitility issues being seen within the cattle futures needs to be done- that they have value to beef cattle producers and cattlemen do not want to lose these contracts, which have been good risk management tools done through the years.
Woodall says the members of NCBA are telling him that they want and need these tools in place, but they need to work the way in which they were intended.
Woodall's comments are featured in our latest Beef Buzz, as heard on Radio Oklahoma Ag Network stations across the region. He says the NCBA is committed to work with the CME Group, the body that owns and operates the Cattle Futures in their Chicago trading facilitites.
Woodall adds the market is looking for ways to help with the underlying problem of limited cash sales of fed cattle in the US marketplace- and is hopeful that the Superior Livestock Auction Market product, Fed Cattle Exchange, will have a successful relaunching on September 14th. Superior kicked off the Fed Cattle Exchange in May (Click here to read and listen to our preview of the launch that included comments with Danny Jones)- but technical issues caused them to suspend trade and work on the concept for a couple of months after the first few sales. The improvements have been made- and Superior will relaunch the online sale this coming Wednesday- at this point, about 1,300 are on the show list for this next sale.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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