Cattle Futures - Cattle Lower On Cash, Before Report
US - The Chicago Mercantile Exchange live and feeder cattle futures closed lower Friday on cash prices that were below last week's levels, falling boxed-beef cutout values and nervousness before the U.S. Department of Agriculture's monthly cattle report on Friday at 3 p.m. EDT (1900 GMT).Live cattle futures stumbled at the start on word that Thursday's cash cattle trade yielded returns that were $1 to $3 below last week's trade. Most of this week's business was wrapped up on Friday at $96 to $96.50 for live basis cattle and mostly $155 dressed.
Choice and select midday boxed beef cutouts were also trimmed by another $0.72 and $1.23. Boxed beef's drop from last week's 3 1/2-year high is also taking a toll on calculated packer profits that were in the red on Thursday.
Market participants will spend the weekend assessing the cattle report's impact on Monday futures trade.
Technically, April created a huge chart gap following Friday's events and is hovering above significant 100-day moving-average support. Meanwhile, June settled in the middle of the day's trading range after flirting with 100-day moving-average support earlier Friday.
Locals bought August. Rosethanal and Cadent Financial sold June. RJ O'Brien was among outright April and August sellers.
Feeder cattle futures also posted a lower settlement on live cattle declines, April liquidation before its April 26 expiration and pre-cattle report jitters.
April live cattle settled at 95.62 cents per pound, down 82 points, and June was at 92.27, a loss of 45 points. April feeder cattle finished down 25 points at 107.05 cents, and May closed 62 points lower at 107.45.
Source: FXSTREET