All of the fundamental dominos in favor of cattle markets for so long are lining up in the other direction. Along with increasing supplies, last week’s sharply higher grain prices took a toll on Cattle futures and cash prices. On Monday, it was the weekend news that China is imposing additional tariffs on a list of U.S. imports, including pork (see below).
Although Cattle futures tried for support early, they couldn’t withstand the pressure of tumbling Lean Hog futures and related technical selling.
Live Cattle futures closed an average of $1.28 lower through the front three contracts (87¢ to $1.62 lower) and then an average of 30¢ lower.
Except for 22¢ lower in newly minted away Mar, Feeder Cattle futures closed an average of $1.22 lower (65¢ to $1.65 lower).
Choice boxed beef cutout value was $1.24 lower Monday afternoon at $219.80/cwt. Select was $1.81 higher at $210.50.
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