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Most CME live cattle futures closed weaker on Thursday as investors sold deferred months and bought April on preliminary cash prices. Cash cattle in Nebraska traded at $125-$128/cwt, down from the prior week, and processors cut cash spending.
Feeder cattle were supported by short-covering and lower corn prices.
Processors reducing cash purchases and more cattle for sale point to lower near-term fed cattle prices. Cheaper corn gives feeder futures some support.
country-guide.caTheopolis WatersApr 21, 2016Not enough comparable past events yet for a historical read.
Not 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.
Cash cattle fell and processors cut spending, starting the downward pressure that later extended into the April 25 drop.
