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CME live cattle futures closed lower on Wednesday as traders took profits, a day after the April contract hit a life-of-contract high. The USDA had reported that the January 1 U.S. cattle herd was down 3% from a year earlier, with the beef cow herd at 28.9 million head, its lowest since 1962.
Lean hog futures also settled lower.
Futures retreated from highs on profit-taking, but the shrinking herd keeps feeder and live cattle supported. Tight supplies point to firm cattle prices and higher beef costs for buyers.
financialpost.comReutersFeb 2, 2023Not 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.
