Chicago Mercantile Exchange (CME) cattle futures tumbled to multi-week lows on Wednesday as losses in US stocks and fears about a banking crisis spilled into livestock markets, Reuters reported, citing analysts. The Dow and S&P 500 closed lower as problems at Credit Suisse piled more pressure on the banking sector.
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Chicago Mercantile Exchange (CME) cattle futures tumbled to multi-week lows on Wednesday as losses in US stocks and fears about a banking crisis spilled into livestock markets, Reuters reported, citing analysts. The Dow and S&P 500 closed lower as problems at Credit Suisse piled more pressure on the banking sector. Declines in equities hit cattle futures in particular because weakness in the economy could dent consumer demand for high-priced beef, said Rich Nelson, chief strategist at brokerage Allendale. "This is all the outside market story," he said. CME April live cattle ended 1.500 cents weaker at 161.550 cents per pound and touched its lowest price since Jan. 30 at 161.100 cents. April feeder cattle finished 2.5 cent lower at 193.250 cents per pound and touched its lowest price since Feb. 24 at 192.650 cents. CME April lean hogs finished down 1.650 cent at 83.750 cents per pound and set their lowest price since March 7 at 83.575 cents. "Outside markets and the whole risk-off ...
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