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Cash cattle prices rose as much as $20 over four weeks to the highest levels since August 2015. Boxed beef also gained over $16 in one week.
An LMIC analyst attributed the rally to packer marketing needs, heavy hedging and basis effects, and said it looks like a spike.
Sharp cash gains reflect tight packer demand for fed cattle, but the analyst expects the rally will not persist. Feed buyers should anticipate some reversal in cattle values.
iowaagribusinessradionetwork.comStaff EditorMay 10, 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.
