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Western Livestock Journal columnist Pete Crow wrote that cattle markets were holding in early May 2018, with packers raising kill levels to match out-front orders. Cash live cattle traded around $120 to $126, while the June live cattle contract was near $107, creating a record basis for feeders.
Retail beef sales were reported better than expected.
A wide discount of June futures to cash cattle and firm retail beef demand point to near-term support for cash prices, while futures are expected to converge. Feeders who hedged are favored by the basis.
wlj.netPete Crow, WLJ publisher emeritusMay 7, 2018Not 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.
