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CME live and feeder cattle futures fell after select boxed beef prices declined ahead of the US Labor Day holiday. Analysts said cash cattle prices were steady to lower as packers unloaded supplies.
Back-month cattle contracts have dropped as traders price in recession risk.
Falling boxed beef values and packer selling weigh on cash and futures prices for cattle. Recession fears add a demand-side downside to the cattle complex.
thecattlesite.comMelanie EppAug 30, 2024Not 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 fell on Aug 30 as boxed beef prices weakened before Labor Day, with cash cattle steady to lower and recession fears weighing on back months, which sets up continued selling into Sept 3.
Weaker boxed beef prices and recession-risk pricing in back months on Aug 30 started the slide at the beginning of the window.
Falling select boxed beef ahead of Labor Day, lighter cash trade and recession worries weighed on live cattle futures into the end of the period, a demand and sentiment mechanism.
