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At the Chicago Mercantile Exchange, cattle futures closed higher on renewed buyer interest, with February live cattle up $2.10 to $125.30 and January feeder cattle up $1.62 to $147.62. Direct cash cattle trade was quiet, with bids and asking prices yet to surface.
Boxed beef closed lower on light demand and heavy offerings.
Higher live and feeder cattle futures raise the cost of feeder cattle inputs for feedlots, while weak boxed beef signals softer packer demand ahead. Traders are waiting for cash trade to confirm the futures direction.
brownfieldagnews.comMeghan GrebnerJan 8, 2019Not 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.
