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Live and feeder cattle closed sharply lower on Monday October 23 at the CME, pressured by Friday's USDA On Feed report. December lives closed at $178.35 and November feeders at $235.80, while cash trade was quiet and auction feeder prices fell $4 to $8.
Bearish report-driven selling and lower auction prices point to weaker feeder cattle values, which reduces feedlot margins and near-term feed demand.
brownfieldagnews.comMeghan GrebnerOct 23, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Directly describes the Oct 23 sharp selloff in live cattle futures, pressured by the bearish On Feed report, which matches the date and size of the move.
Describes the sharp Monday Oct 23 selloff in live and feeder cattle driven by the On Feed report, which is the move being explained.
