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CME cattle futures rose to life-of-contract highs on January 2 as live and feeder contracts gained triple digits. Cash trade was moderate at 7,849 head, with live steers at $195 to $199.50 and dressed steers at $310 to $315.
Packers were reported to be short of inventory and needed to restock.
Packers' need to buy cattle to replenish inventory supports cash prices, which pulls futures higher. Tight cattle supply keeps the market firm.
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.
Record life-of-contract highs on Jan 2 with tight packer inventories and strong cash trade built the bullish momentum that carried into the Jan 6 gain.
