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CME live and feeder cattle futures fell sharply on technical selling and disappointment over recent cash and wholesale trade, with December live cattle down $4.22 and January feeders down $7.80. Direct cash cattle trade was very quiet on Friday, and boxed beef closed higher with Choice up $1.03.
Lower cattle futures reduce the value of finished cattle and feeders, while higher boxed beef supports packer margins and future cattle demand. Feed buyers should expect softer feeder cattle prices near term.
brownfieldagnews.comBrent BarnettNov 24, 2023Not 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.
Nov 24 sharp technical selling in feeder futures (January down $7.80) after disappointing cash and wholesale trade drove most of the 5-day decline.
Sharp technical selling on Nov 24 (Dec live cattle down $4.22) and disappointment over cash and wholesale trade began the slide that feeds into the 5-day decline.
