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Live cattle futures surged to contract highs and closed up the daily limit in most contracts on stronger cash markets and robust beef demand. Plains feedlot cattle traded $4 to $6 per cwt higher on smaller show lists.
Grocers and restaurants were stocking up for Mother's Day promotions.
Retail and foodservice buying ahead of promotions supports wholesale beef and fed cattle prices. Limited show lists keep packers competing for supplies.
grainews.caGFM Network NewsApr 27, 2017Not 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.
Futures surged limit-up to contract highs days earlier, so an overextended market was vulnerable to a sharp correction and profit-taking.
