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CME live cattle futures fell to new contract lows ahead of USDA's Cattle on Feed and cold storage reports. Cash cattle traded at $125-$128/cwt, down from $133-$136 the prior week, and feeder contracts also hit new lows.
Traders cited cheaper corn as a possible driver of heavier cattle weights.
Weak cash cattle prices and expectations of more placements and heavier market weights add near-term supply pressure on feeder and fed cattle prices. Lower corn costs did not offset the bearish sentiment in the feeder complex.
country-guide.caTheopolis WatersApr 22, 2016Not 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.
Futures hit new contract lows on lower cash trade ahead of USDA reports, building bearish momentum and sentiment into the following session.
