Loading…
CME live cattle futures settled sharply lower, with June limit down at 114.8 cents/lb. Wholesale beef values fell six straight days on plentiful cattle, cheaper pork and weak grilling demand.
Packer bids for cash cattle were $123-$124/cwt against seller asks of $130.
Weak wholesale beef demand cuts packer margins and threatens to pull cash cattle lower, which pressures feeder cattle values too. Lower cattle prices also reduce the cost of finishing feeder animals.
country-guide.caTheopolis WatersApr 28, 2016
manitobacooperator.caGFM Network News, Theopolis WatersApr 28, 2016Not 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.
Limit-down settlement on weak wholesale beef demand and a wide bid-ask gap in cash cattle shows the bearish sentiment that carried into the following sessions, though it predates the 5/2 move.
