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Fed cattle traded $2 higher than the prior week on a live basis, mostly at $109 to $112 live and $174 to $176 dressed. The five-area weighted average was $111.15 live, still well below a year earlier.
Packers have leverage because cattle supplies are ample, and April live cattle futures came close to $120.
Modest gains in fed cattle prices and firm futures suggest some underlying support for live cattle. Ample supplies and packer leverage limit how much prices can rise.
u.osu.eduSmith atJan 6, 2021Not 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.
