Chicago Mercantile Exchange (CME) live and feeder cattle futures took a steep dive on technical selling on Tuesday, analysts said, while lean hogs ticked down following cattle's slide.
For the week ending August 17, Western Canadian feeder cattle prices were $3-$5 lower on average. Three weeks ago, 1,000 pound steers off grass reached up to $340/cwt. This past week, these same cattle were quoted in the range of $315-$325/cwt.
The beef market appears to have made a seasonal high during the first week of July. Wholesale choice beef prices reached up to US$329/cwt during the week ending July 6 before fading to US$319/cwt during the third week of July. Weaker wholesale values have resulted in lower U.S. fed cattle values. During the first week […] Read more
Chicago Mercantile Exchange (CME) live cattle futures bounced back on Monday after a slow previous week, while feeder cattle futures dipped on corn's Chicago Board of Trade (CBOT) climb.
Chicago Mercantile Exchange (CME) live and feeder cattle futures fell in a spate of range-bound trading on Friday, with back-month feeder contracts setting new lows as funds shed their positions, traders said.
Chicago Mercantile Exchange (CME) cattle futures rose on Wednesday on technical buying and increasing beef demand ahead of the upcoming U.S. Labor Day holiday, analysts said.
Chicago Mercantile Exchange (CME) cattle futures rose on Tuesday with beef demand increasing ahead of the approaching Labor Day holiday and as corn futures dipped following the U.S. Department of Agriculture's weekly crop progress and condition report.
Overall, the calf market appeared to be more sensitive to the weakness in the deferred live cattle futures while buyers of yearlings were focused on securing ownership. Ideas are that yearling supplies are down from year-ago levels and scarcity factor is driving the bullish enthusiasm.
Chicago Mercantile Exchange (CME) livestock futures turned higher on Friday, as cattle futures rebounded from recent sharp drops in pricing amid a flurry of fund selling.