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Live cattle futures fell sharply on the last day of the October contract, with December down 52 cents to $152.47 and February down 50 cents to $155.82. Feeder cattle futures also declined, and Choice boxed beef gained 39 cents.
Russian pressure on Black Sea grain shipments was noted as a background factor.
Traders pulling back from the cattle market after a rally weighs on live and feeder cattle prices. Firm cash trade and beef demand limit the downside for buyers of feed-linked livestock.
wlj.netAnna Miller FortozoOct 31, 2022Not 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.
Western Livestock Journal's wrap-up for Oct 31 describes live cattle futures falling sharply on the October contract's last day, which is the same day as the move. The reported direction is down while the stated move is +2.38%, so it may reflect contract roll or sign ambiguity, and the match is only moderate.
Sharp selloff on Oct 31 set up the prior session's momentum and mentions Black Sea grain pressure, which contributed to sentiment heading into Nov 1.
