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CME live cattle futures ended flat to lower on Monday after USDA reported May feedlot placements up 5% from a year earlier, above the 1.7% increase traders expected. Boxed beef demand was seen slowing ahead of the Independence Day holiday, and the August live cattle contract settled at 170.600 cents per pound.
Larger-than-expected placements add to near-term cattle supply, which pressures live and feeder cattle prices. Softer beef demand after the holiday would compound the downside for feeder buyers.
thebeefsite.comMelanie EppJun 27, 2023After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% over 20.
After 126 past bearish report events, Feeder Cattle moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +2.0%), and +0.6% over 20.
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.
