United States Cattlemen Association leaders are encouraged by some comments made a recent Senate Ag Committee hearing by CFTC Chairman Christopher Giancarlo. USCA’s Policy and Outreach Director Lia Biondo says they’re pleased the CFTC Chairman committed to ensuring a properly functioning live cattle futures contract.
She says her group opposes the CFTC proposal to allow block trading of the cattle contract. Biondo says block trading would allow large market participants to match orders up and transact them outside of the marketplace.
Biondo says they’re also disturbed by recent CFTC advisory delisting some delivery locations off the cattle contract.
Biondo says they’ll continue to talk with both the CFTC and Senate Ag Committee to ensure irregular volatility is reduced and that the fundamentals of the cattle market are working properly.
