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CME live cattle futures reached contract highs as cash cattle prices surged, with Nebraska cattle trading at $177-$178 per hundredweight. April live cattle closed at 171.075 cents per pound and June at 163.1 cents.
Choice boxed beef rose $1.03 to $289.65 per hundredweight.
Ranchers have cut herds because of high feed costs and drought, leaving too few fed cattle for packers. This tightness sustains higher cattle and beef prices.
agcanada.comAGCanadaApr 6, 2023
grainews.caTom Polansek, GFM Network NewsApr 6, 2023Not 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.
Surging cash cattle prices ($177-178) pushed CME live cattle futures to contract highs in the days before April 10, directly driving the 5-day gain.
Apr 6 report of contract-high futures as Nebraska cash cattle traded $177-178 shows the cash-led rally inside the 5-day window (Apr 4-11).
