So much for the promising start to the week in Cattle futures. After limit-up and near limit-up moves on Monday, both Feeder Cattle and Live Cattle crashed on Tuesday, basically giving back everything gained in the previous session’s gains.
There doesn’t seem to be an easy explanation, as is so often the case in recent years. Judging by the little change in open interest on the day, there didn’t seem to be any massive liquidation my non-commercial accounts holding long positions.
Except for unchanged in freshly minted away Oct, Live Cattle futures closed an average of $2.47 lower ($1.87 to $2.62 lower).
Feeder Cattle futures closed an average of $3.81 lower ($2.07 to $4.57 lower).
Choice boxed beef cutout value was $4.66 lower Tuesday afternoon at $233.91/cwt. Week to week, Choice was down $13.08. Select was $2.40 lower at $215.26; week to week it was $4.62 lower.