USA: Feeder cattle market approach one-month low on rising corn prices

Published 2022년 11월 16일

Tridge summary

Chicago Mercantile Exchange (CME) feeder cattle futures reached a one-month low due to rising grain prices, which increase livestock feed costs. Unverified reports of Russian missiles in NATO member Poland led to gains in corn, wheat, and soy futures, causing concern over geopolitical tensions. CME January feeders dropped 2.425 cents to 177.025 cents per lb, and live cattle futures were mixed. Wholesale beef prices were mixed, with Choice cuts increasing to $258.36 per hundredweight, while select cuts decreased to $231.76 per hundredweight. Traders are now awaiting the USDA's monthly Cattle on Feed report for an update on the number of animals in feedlots. Hog futures closed higher due to anticipated pork demand from China.

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Original content

Chicago Mercantile Exchange (CME) feeder cattle futures neared a one-month low on Tuesday as rising grain prices signalled risks for increased costs for livestock feed, Reuters reported, citing brokers. Unconfirmed reports that Russian missiles crossed into NATO member Poland fueled gains in corn, wheat and soy futures as traders worried about escalating geopolitical tensions. "Feeder cattle faded on the corn rally," a broker said. CME January feeders sank 2.425 cents to settle at 177.025 cents per lb and touched its lowest price since October 17. Live cattle futures, meanwhile, were mixed. Most-active CME February live cattle futures settled up 0.500 cent at 153.050 cents per lb. The spot December contract slipped to end 0.300 cent lower at 151.275 cents per lb. Wholesale beef prices were also mixed. Choice cuts edged up by 38 cents to $258.36 per hundredweight (cwt), while select cuts slid by $1.45 to $231.76 per hundredweight, according to US Department of Agriculture (USDA) ...

Source: Thepigsite