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CME live cattle futures rose to multi-year highs on Monday but closed lower as profit-taking and technical selling pulled prices back. Concerns about a new coronavirus variant briefly weighed on demand expectations.
Strong packer margins and elevated cash prices still support the market, but the reversal signals that cattle futures may be overbought. Feeder demand for feed could soften if the correction deepens.
reuters.comKarl PlumeNov 29, 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.
