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Cattle futures closed sharply higher at the CME on short covering and technical buying, with August live cattle up $3 to $106.72 and August feeders up $4.50 to $151.32. Feedlot managers received $107 to $108 live bids, and feeder supplies were described as moderate.
Concerns that heavy early placements will tighten end-of-year supplies supported the rally, though it is largely a technical bounce. Feed buyers should expect firmer cattle values to keep feeder and finished-cattle costs elevated in the near term.
brownfieldagnews.comMeghan GrebnerJun 29, 2018Not 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.
