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Live cattle and feeder cattle futures closed sharply higher on the CME, with feeder cattle limit higher, on oversold conditions, firmer wholesale beef values and expectations for a favorable Cattle on Feed report. Boxed beef Choice rose $2.63 to $249.87.
Cash trade was quiet with scattered bids around $175 dressed in the North.
Higher boxed beef and an anticipated bullish Cattle on Feed report support fed and feeder cattle prices, while thin cash trade limits price discovery. Feed buyers should expect continued volatility in cattle-linked demand.
brownfieldagnews.comMeghan GrebnerMar 19, 2020brownfieldagnews.comMeghan GrebnerMar 18, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
Feeder cattle futures closed limit up on March 18 on oversold conditions and firmer boxed beef, starting the rebound within the 5-day window.
March 18 limit-up feeder and sharply higher live cattle on oversold conditions and firmer boxed beef marks the start of the rebound after the March 16 low.
