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Live cattle futures lost about half of a one-year rally, with the drop attributed to managed money taking profits. May Chicago wheat closed down 8.25 cents and May corn up 1.25 cents.
Fund profit-taking drives short-term cattle price moves, while small corn gains add modest support to feed costs.
aginfo.netMay 1, 2019Not 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.
Same-day report attributes the live cattle drop, which erased about half of a one-year rally, to managed money profit-taking, a direct sentiment and positioning driver of the -4% move.
Live cattle futures gave back about half of a one-year rally on managed money profit-taking, a sentiment/positioning driver of the decline.
Profit-taking by managed money erased about half of a one-year rally in live cattle futures, directly contributing to the decline.
Attributes the live cattle drop (about half of a one-year rally erased) to managed money profit-taking, a sentiment/positioning mechanism that fits the outsized move.
