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CME feeder cattle futures fell Wednesday on profit-taking after reaching a four-month high earlier in the week. April feeders closed 3.85 cents lower at 255.100 cents per pound, and live cattle also weakened.
Traders also monitored a major wildfire in northern Texas, where a disaster declaration covered 60 counties.
Profit-taking and a corn rebound pressured feeder futures, but tight herd supplies keep the cattle complex supported and feed demand firm. Traders should watch the Texas wildfire for possible short-term livestock disruption.
thebeefsite.comMelanie EppFeb 29, 2024Not 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.
