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CME live cattle futures finished sharply higher on February 28, 2017, with the April contract up 2.425 cents to 117.925 cents after breaking its 40-day moving average. Fund buying and firm wholesale beef demand drove the rally.
Packers paid $124 to $125/cwt for cash cattle the prior week.
Strong beef demand and improved packer margins supported higher bids for fed cattle, pulling futures up toward expected cash prices. Firmer cattle values support demand for feed grains from feedlots.
farmtario.comTheopolis WatersFeb 28, 2017
country-guide.caTheopolis WatersFeb 28, 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.
It describes the sharp futures rally on fund buying and firm wholesale beef demand, with April breaking its 40-day moving average, but it is dated Feb 28, after the move date, so it is a follow-through confirmation rather than a clear driver.
