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CME live cattle futures eased on Wednesday as beef prices cooled ahead of the Labor Day holiday, with choice cuts down 7 cents to $347.51/cwt and select cuts down $1.48. October live cattle slipped to 130.3 cents/lb while cash cattle held $121-127 and October feeders fell to 169.275 cents/lb as corn gained.
Routine pre-holiday softness in beef and futures, with cash support from tighter packer supplies in September, keeps the cattle complex firm; higher corn costs weigh on feeder cattle values.
grainews.caChristopher Walljasper, GFM Network NewsAug 26, 2021Not 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.
Aug 26 report of cooling boxed beef and October feeders falling to 169.275 as corn gained points to input-cost and beef-demand pressure on feeders; this runs opposite to the 3.26% gain, so the link is uncertain.
