CME: Futures Plummet Wednesday17 January 2013
Live and feeder cattle contracts crashed with triple-digit losses, pressured by aggressive technical selling and signs of cash weakness, according to John Harrington, DTN Livestock Analyst.
Live cattle futures plummeted after midday to end with losses of $1.17 1/2 to $1.90, stated the after the bell recap.
Futures came under heavy pressure after the start of light cash cattle trade in Texas and Kansas at $125 today.
Feeder cattle futures faced pressure much of the day, but selling really picked up after midday. Futures ended just off session lows with losses of $1.25 to $2.15.
TheCattleSite News Desk