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National & World Ag News Headlines |
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CME Live Cattle Futures Go Limit Down
USAgNet - 07/25/2017
Some Chicago Mercantile Exchange live cattle contracts settled down the 3.000-cent per pound daily price limit on Monday following Friday's bearish U.S. Department of Agriculture cattle reports, said traders.
According to Reuters, Friday's USDA monthly Cattle-On-Feed report showed the largest June cattle placements for the month in 11 years. The twice-yearly U.S. cattle inventory data showed continued herd expansion.
Drought-related weather in the northern U.S. Plains started pushing more cattle into feedlots, said AgriVisor Services Inc analyst Dale Durchholz.
Traders said sell stops and fund liquidation accelerated market losses.
August ended 2.550 cents per pound lower at 113.875 cents and below the 100-day moving average of 114.377 cents. October and December settled limit down at 114.400 and 115.175 cents, respectively.
CME live cattle's trading limit will expand to 4.500 cents on Tuesday.
Some investors bought futures at market lows with the view that Monday's selloff was overdone. They also said Monday morning's wholesale beef price bounce suggested it may be about to bottom out seasonally.
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