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Cattle futures on the CME closed higher on speculative buying and short covering, with June live cattle up $0.55 to $105.45 and May feeder cattle up $0.95 to $134.90. Direct cash cattle trade was quiet, with ready steers and heifers priced around $115 to $116 live, and traders expected trade to be delayed until late in the week ahead of the Cattle on Feed report.
Futures strength ahead of a major USDA report signals expectations for firmer fed cattle values, which tends to support feeder cattle prices. Feeder cattle buyers should watch whether cash trade confirms the futures rally.
brownfieldagnews.comMeghan GrebnerMay 23, 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.
May 23 session saw speculative buying and short covering lifting cattle futures, with traders positioning ahead of the Cattle on Feed report, building momentum into the May 24 jump.
May 23 speculative buying and short covering ahead of the report began the rebound in feeder futures within the window.
