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CME live cattle futures were mixed on 17 June ahead of the USDA Cattle on Feed report. Traders forecast May cattle marketings down 26.1%, and China began testing meat and seafood containers at ports after a Beijing coronavirus outbreak.
Expected sharp drop in marketings is supportive for cattle prices, while China's container testing could slow meat import flows and weigh on US beef and pork demand.
thebeefsite.comGlobal Ag MediaJun 18, 2020After 268 past bullish report events, LCATTLE moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
After 227 past bullish report events, FCATTLE moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% over 20.
After 159 past bearish report events, HOGS moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
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.
