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CME update: cattle contracts end in negative territory

13 April 2021

Cattle futures on the Chicago Mercantile exchange closed lower on 12 April after hitting a 15-month high on 8 April.

Reuters reports that the live cattle futures were pressured by follow-through selling as the market extended its retreat from a 15-month high the front-month contract hit on Thursday.

Feeder cattle also eased, with the May futures contract shedding 0.025 cents to 149.6 cents per pound.

"We have had a strong run and we are coming up a little bit short on fresh bullish inputs," said Matthew Wiegand, a risk management consultant and commodity broker at FuturesOne in Nebraska. "That creates a bit of an opportunity for profit taking in the absence of something to take us higher."

Read more about this story here.

Source: Reuters



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