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Live and feeder cattle futures closed lower at the CME as direct cash cattle trade came in lighter. Cash deals in the South were at $172 live and in the North at $281 dressed, both below the prior week.
Softer cash bids set the reference for futures, so a lower cash trend translates into weaker deferred cattle prices. Feeder buyers may gain some bargaining leverage at these levels.
brownfieldagnews.comMeghan GrebnerMay 2, 2023brownfieldagnews.comMeghan GrebnerMay 3, 2023Not 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.
Lighter cash cattle trade ($172 South, $281 North, both below the prior week) pressured live and feeder futures lower on May 2.
Lighter, lower cash trade (South $172, North $281 dressed) below the prior week pressured futures as the cash market weakened.
Lighter direct cash trade below the prior week continued to weigh on futures, though dated just after the move.
