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CME live cattle futures closed firmer on March 29, supported by short-covering tied to futures trading at a discount to preliminary cash prices. Cash cattle at the Fed Cattle Exchange averaged $131.17/cwt, down from $133.35 the prior week, with packers bidding $126 against asking prices up to $133.
Lower cash trade and packer resistance amid shrinking packer margins point to softer cash fed cattle prices, while the futures discount to cash supports near-term futures.
reuters.comMar 29, 2017Not 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.
