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U.S. live cattle futures rose more than 2 percent on Friday, hitting their daily price limit of 3 cents. The rally followed cash fed cattle trades at $121 to $125 per cwt at southern Plains feedlots, above the prior week's $116 to $119.
Most live cattle contracts reached life-of-contract highs and feeder futures also set new peaks.
Higher cash fed cattle prices raise packer margins and draw buyers into futures, supporting cattle prices and the cost of feeder cattle for feedlots.
reuters.comNov 3, 2017Not 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.
Live cattle hit the daily limit on Nov 3 after cash trade at $121-$125 versus $116-$119 the prior week, directly driving the final-day gain and life-of-contract highs.
