Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Commodities

News : Commodities

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

Cattle Futures End Week Under Pressure

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/09/2018 | 09:30pm CET
   By Benjamin Parkin 
 

Cattle futures were mixed as traders waited for the week's physical cattle trade to start.

The absence of cash trade for slaughter-ready herds this week left market participants with fewer signals to trade with. But some meatpackers on Friday started to raise their bids, offering feedlots $126 per 100 pounds for their animals. That was up from $124, and steady with a week earlier. Feedlots, meanwhile, were asking for prices in the region of $130.

That helped to bolster cattle futures as traders bet that cash prices would ultimately rise, despite weaker beef prices and concerns over the stock market.

Wholesale beef prices fell over $2 to $206.50 per 100 pounds as of Friday morning, adding to losses from Thursday. A snow storm across the Midwest had the potential to dampen beef demand, analysts said, as consumers stayed at home instead of going to grocery stores or restaurants.

In a monthly report, the U.S. Department of Agriculture trimmed its beef production forecast for 2018, a reflection of smaller cattle supplies in the second half of the year, while raising its export forecast. That was broadly supportive to the cattle market, though production is nevertheless expected to rise from 2017.

February-live cattle contracts rose 0.6% to $1.26525 a pound at the Chicago Mercantile Exchange, while later months and feeder cattle futures fell.

Hog futures also fell. CME February lean hog contracts dropped 0.3% to 73.175 cents a pound. Both cash and wholesale pork prices were lower.

Livestock traders were closely watching volatile U.S. equities this week for signs of economic headwinds. Observers say bumper domestic demand will be needed this year to help absorb higher red meat supplies. Economic woes could undermine that.

Major stock indices fell on Friday morning before turning higher.

Write to Benjamin Parkin at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Commodities"
03:11aOil markets mixed on lower Canadian flows, firmer dollar
RE
01:27aOil Search to Lift Capex After Prices Buoy 2017 Profit
DJ
02/19Oil hits two-week high on share market recovery, Mideast tensions
RE
02/19Oil hits two-week high on share market recovery, Mideast tensions
RE
02/19LONDON MARKETS : FTSE 100's Lower Close Seen As 'a Pause For Last Week's Global Rebound'
DJ
02/19EUROPE MARKETS : European Stocks End Day With Losses, Driven Lower By Daimler And Reckitt Benckiser
DJ
02/19How a U.S. coal deal warmed Ukraine's ties with Trump
RE
02/19GLOBAL MINING DEALS JUMP 15 PERCENT BY VALUE IN 2017 : Ey
RE
02/19NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
02/19Platts says Johan Sverdrup oil would be good for Brent benchmark
RE
Latest news "Commodities"
Advertisement