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Chicago live cattle futures fell to a new contract low on September 1, 2016, with October down the daily three-cent limit. Cash cattle sold at $110-$111/cwt, $4-$5 lower than a week earlier, as packers bought less ahead of the Labor Day shutdown.
Traders pointed to expected larger supplies and cheap feed allowing faster fattening.
Heavier expected cattle supplies and weak packer demand point to further downward pressure on cattle prices. Cheap feed encourages feedlots to add weight, which keeps supplies plentiful.
grainews.caGFM Network NewsSep 1, 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.
Same-day report of October live cattle limit-down to a contract low, with cash cattle $4-5 lower and packers buying less before Labor Day, directly describing the supply/demand drivers of the drop.
Oct live cattle fell the daily limit on Sept 1 to a contract low as cash cattle dropped $4-5 and traders expected larger supplies, which falls squarely in the 5-day window.
