Loading…
CME feeder cattle futures rebounded as traders hoped feed costs would stay under pressure after reports that US buyers were importing Brazilian corn. USDA reported US planting well behind pace after repeated rain.
Brazil's temporary halt of beef exports to China after a BSE case was seen as a knee-jerk reaction.
Brazilian corn purchases by US buyers can cap domestic corn rallies tied to planting delays, which helps feed costs. Flooding-related planting delays point to upward pressure on corn, while the BSE case adds uncertainty for beef trade.
manitobacooperator.caGFM Network News, P.J. HuffstutterJun 4, 2019After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 47 past bullish trade events, Feeder Cattle moved a median +0.2% over 5 sessions (53% higher; middle half -1.0% to +1.0%), and +1.5% over 20.
After 78 past bullish trade events, Live Cattle moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +1.2%), and +0.5% over 20.
After 85 past bullish trade events, Lean Hogs moved a median +0.8% over 5 sessions (54% higher; middle half -1.8% to +4.5%), and +4.0% 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.
