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Live cattle futures had traded lower over the past month under pressure from economic weakness, inflation and expected higher interest rates. A stronger close on Monday led traders to ask whether the market is ready to trade higher.
Slaughter pace is running 1.6% above last year and packers are moving high volumes of beef despite softer boxed prices.
Steady slaughter and strong packer volumes keep supplies moving, but macro headwinds and weak boxed beef limit upside for cattle prices. Feedlot buyers should expect choppy, range-bound futures.
dtnpf.comShayLe StewartOct 17, 2022Not 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.
