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Live and feeder cattle futures closed limit down on April 2, 2020 on follow-through selling, weakening wholesale beef values and a sharp drop in cash cattle trade. April live cattle closed at $92.82 and May feeder cattle at $111.65.
Cash live deals were $7 to $8 lower than the prior week's averages.
Lower wholesale beef values and weaker cash trade reduce packer willingness to pay for cattle, signaling reduced feeder cattle demand and softer cattle-feed demand ahead.
brownfieldagnews.comMeghan GrebnerApr 2, 2020Not 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 close on April 2 on follow-through selling, weaker wholesale beef and cash trade $7-8 lower directly drove the drop.
Limit-down close on April 2 on follow-through selling, weaker wholesale beef and cash trade $7-8 lower confirm fundamental pressure.
Limit-down follow-through selling on April 2, with weaker wholesale beef and cash trade $7-8 lower, set up the downward momentum that carried into the April 6 drop.
