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Chicago Mercantile Exchange live cattle futures reached their highest level since April 2016 on short covering and brisk wholesale beef demand. Speculators bought deferred contracts after a USDA Cattle on Feed report proved less bearish than expected, and the choice cutout rose $2.10 to $201.06.
Strong wholesale beef demand and improved packer margins support higher cash cattle prices and firm feeder futures.
country-guide.caTheopolis WatersFeb 28, 2017Not 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 had just hit a 10-month high on short covering and fund buying, leaving the market overextended and vulnerable to sharp profit-taking.
