CME update: cattle futures falter as corn prices surge
US feeder cattle futures fell on 14 January, retreating back towards a three-month low on prospects for increased input costs for farmers due to skyrocketing corn prices.
15 January 2021
1 minute read
Speaking to Reuters about the trading day, Alan Brugler, president of Brugler Marketing & Management said, “It is the rising feed costs. With the corn being up another 10 cents today, you had to take the feeders down.”
Live cattle futures also dropped, pressured by weakness in the cash market.
April live cattle futures ended 0.25 cent lower at 117.225 cents per pound.
March feeder cattle dropped 0.95 cent to 133.375 cents.
The US Agriculture Department said beef export sales totalled 16,800 tonnes in the week ended 7 January, up from 9,000 tonnes a week earlier.
CBOT March corn futures jumped 9-3/4 cents to $5.34-1/4 a bushel.
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Source: Reuters
