At the Chicago
Mercantile Exchange, live cattle closed sharply lower on supply concerns and follow-through
technical selling. April contracts are
$2.35 lower at $126.65 and June closed $1.57 lower at $118.67. Feeder cattle followed the live trade and contracts
are at a premium to cash. March closed
$1 lower at $141.30 and April feeder cattle closed $1.57 lower at $144.40.
Direct cash cattle
trade saw some activity in the North this afternoon. Dressed deals in Nebraska were at $204 and in
Iowa at $202 to $205. While some
business has been reported, it isn’t enough to establish an accurate trend for
the week. Tomorrow’s Fed Cattle Exchange
has an offering of 755 head. But
significant trade isn’t expected to develop until at least Thursday.
Continue reading Supply concerns pressure cattle futures at Brownfield Ag News.
