Cattle Futures - Live Cattle Sag
US - Chicago Mercantile Exchange live cattle settled lower Wednesday on lethargic wholesale beef demand, cash anxiety and maneuvering before Friday's cattle report.USDA's cattle data will be released on Friday at 3 p.m. EST. The following are analysts' estimates in percentages of a year ago:
. | Average of Estimates | Range of Estimates |
---|---|---|
On Feed in Jan |
101.1
|
100.0-102.0
|
Placed in Dec |
102.6
|
94.2-105.4
|
Marketed in Dec |
100.3
|
98.9-103.0
|
Meanwhile, deferred live cattle contracts slumped as Chicago Board of Trade corn prices deteriorated as the session wore on.
Nonetheless, February and April's oversold Relative Strength Index conditions lured speculative longs who briefly pushed both contracts into positive territory.
Source: FXSTREET