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A Varilek's Cattle Call commentary says cash cattle traded at $101 in the south and $103 in the north, with all packers participating. Steer carcass weights are 31 pounds above year-ago levels, and contracts look overbought after a rally from the lows.
Choice boxed beef remains just over $200 ahead of Labor Day.
Heavier carcass weights and overbought futures argue for caution, while firm boxed beef and cash trade support prices. Hedging decisions depend on whether the fall run of fed cattle tightens supply.
tsln.comAug 7, 2020Not 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.
