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Shootin' The Bull
"Shootin' The Bull" is a daily futures and commodity market commentary, written by Chris Swift, commodities broker and founder of Swift Trading Company in Nashville, Tennessee.
With over 30 years of experience in the commodity futures industry, Chris's technical and fundamental analysis is provided for his clients and readers in an attempt to make a more informed trading decision.
The Mid-Day Cattle Comment is a market commentary written during trading hours, providing subscribers with pertinent, real time information to help readers make a more informed trading decision.
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“Shootin’ The Bull”TM
by Christopher B Swift
8/7/2026
The "Shootin' the Bull" ™ and Mid-Day Cattle Comment will be transmitted via email and no longer available on our website Monday through Thursday. Friday's Weekly Market Recap will still be posted as normal. As a client, both commentaries are included free of charge with our brokerage services. Subscribers to the commentary package will be charged $300.00 annually. A 30-day trial will be offered with billing instructions and payment. Please click on Mid Day Cattle Comment tab on top of webpage for that.
Friday Recap 8/7/2026
Live Cattle:
In my opinion, the world of cattle trading got flipped upside down, inside out, and back again before this week was over with. Inordinately strange basis trading took place towards the end of the week that has yet to be explained. Traders and cattlemen alike jumped from the frying pan to the boiling pot over and over the last two days of trading. The gumption shown by cattle feeders to bid feeder cattle prices significantly higher, in comparison to the fat market, is expected to widen further the projected negative margin. The disconnect strengthens my analysis of a major transition taking place. Cattlemen remain bullish cattle and the rest of the world is not bullish beef.
Risk is being transferred to the producer in droves. The positive basis in spring month feeders makes for a very deep tiger trap to fall into. Unfortunately, with expectations of more inventory to work with going forward, the trap may be filled in from above, instead of climbing out from the bottom. The spreads between contract months in feeder cattle are believed the telling tale. That being, the front end has to converge with the cash and cash is firmer but the back end is in expectation of more inventory, and has ample time to work through the convergence process. Management of potential adverse price fluctuation can come from both sides now. Using futures is not recommended in this time frame due to width of basis unless being used to manage an option position. However, nothing says spring futures have to move higher and the inverted carry is a stark reminder of that.
Input costs, outside of the cattle, were a little better from last week. December corn is $.03&1/2 less than last Friday's close and diesel fuel is off by about $.19. However, that $.19 is from near contract high. All probably a wash or backwards with feeders $12.00 higher. Grains, oilseeds, and energies are all expected to resume previous up trends. The super El Nino has every one watching to see what transpires in South America. The US corn crop is believed made and the beans could use a good pod filling rain. Corn is anticipated to trade higher. Fix your corn price, with a call option, at a strike price level you no longer wish to pay for corn and in the time frame needed for delivery. Energy is being led by diesel fuel. Diesel is in low supply, heavy demand, with restrictive refining capacity. The military actions have yet to cease and that is burning through a lot of jet fuel. Keep farm tanks topped off and visit with your fuel provider for how they may can help with forward pricing for fall harvest. Lastly, the Unemployment report today was missed by two miles. Expectation was up 80K and came out down 23K. This gave equities and bonds a little bolster as it may lead to no rate increases in September. Unfortunately, lumber is plummeting and believed due to fewer new houses being built. The existing housing market is in a fix as well, so expect more of the unexpected.
Feeder Cattle:
Corn:
Energy:
Bonds:
“This is intended to be or is in the nature of a solicitation.” Futures trading is not for everyone. The risk of loss in trading futures can be substantial; therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Past performance is not indicative of future results, and there is no assurance that your trading experience will be similar to the past performance.
