Live cattle futures slipped on the Chicago Mercantile Exchange in United States

Published 2022년 11월 10일

Tridge summary

Live cattle futures at the Chicago Mercantile Exchange fell due to market pressure from significant equities losses and a lack of positive news, with the December live cattle settlement at 151.575 cents per lb. Feeder cattle futures also weakened, and the USDA reported a rise in its 2022 domestic beef production estimate but a decrease in its 2023 production forecast due to tighter supplies. The USDA also reduced its 2022 pork production estimate but kept the 2023 forecast unchanged, while raising its forecasts for cattle and hog prices for 2022. Meatpackers estimated they slaughtered around 129,000 cattle and 493,000 hogs on Wednesday.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Live cattle futures slipped at the Chicago Mercantile Exchange (CME) on Wednesday as the market came under pressure from steep losses in equities and a lack of supportive news, Reuters reported, citing brokers as its source. December live cattle settled 1.475 cents lower at 151.575 cents per lb. February live cattle dropped 0.625 cent to 154.150 cents per lb and touched its lowest price since October 19. Outside markets set a negative tone for cattle, said Matt Wiegand, commodity broker for FuturesOnes. Wall Street ended sharply lower, while oil prices sank. Weakness in stocks and the risk for a recession raise concerns that consumers will reduce purchases of pricey steaks. "You're not seeing a lot of fresh bullish news," Wiegand said. Feeder cattle futures were also weaker at the CME, with the most-active January contract slipping 0.250 cent to end at 179.650 cents per lb. The US Department of Agriculture (USDA), in a monthly report, raised its estimate for 2022 domestic beef ...

Source: Thepigsite