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At the CME, June live cattle closed $5.77 higher at $174.90 and August feeders closed $2.47 higher at $241.65 after sharply higher cash trade on Thursday. Southern live deals were marked at $175 to $180, $7 to $9 above the prior week's weighted averages, as packers were short-bought after the holiday weekend.
Tight fed cattle supplies and aggressive packer buying lifted cash and futures together, pointing to higher feeder cattle and feed demand in the near term.
brownfieldagnews.comMeghan GrebnerJun 1, 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.
Sharply higher cash trade after the holiday pushed June live cattle up $5.77 at CME, a demand-driven price jump as packers were short-bought.
Sharply higher cash trade and short-bought packers after the holiday pushed June live cattle up $5.77, the main driver of the 5-day gain.
Sharply higher cash trade pushed August feeders up $2.47 to 241.65, adding to the late-window gain.
