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Live and feeder cattle futures closed sharply lower on May 1, 2024, with June live cattle down $1.12 and August feeders down $3.75. Boxed beef fell on light demand for heavy offerings, and lean hogs dropped on demand uncertainty and technical selling.
Cash cattle bids were scarce.
Weak boxed beef demand and a lack of cash bids point to softer near-term cattle and hog values. Lower livestock prices reduce feeding returns and the feed demand that supports the feed complex.
brownfieldagnews.comMeghan GrebnerApr 29, 2024brownfieldagnews.comMeghan GrebnerMay 1, 2024Not enough comparable past events yet for a historical read.
Not 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.
It documents the sharp May 1 close lower, with June live cattle down $1.12, driven by weak boxed beef demand, scarce cash bids and sentiment, so it directly describes the move.
