Chicago Mercantile Exchange live cattle futures on Friday drew pressure from funds that sold, or "rolled," June positions into back months before similar moves lasting five days beginning on Monday, said traders.
Chicago Mercantile Exchange live cattle nearby contracts on Wednesday were weakened by funds that sold, or "rolled," June positions into back months ahead of similar moves early next week, said traders.
Japan is the leading value destination for both U.S. beef and U.S. pork, says USMEF Economist Erin Borror, But, she cautioned that the competitive terrain in Japan has gotten steeper for U.S. red meat.
Chicago Mercantile Exchange live cattle and lean hog futures rose to life-of-contract highs on Tuesday, lifted by investment fund buying linked to optimism that meat prices will continue to rise, traders said.
Chicago Mercantile Exchange live cattle settled higher after Wednesday’s volatile session, supported by the uptick in wholesale beef values and futures’ discounts to this week’s cash prices, said traders.
Chicago Mercantile Exchange live cattle futures closed lower on Wednesday after softer wholesale beef demand and this week's expectations for steady-to-lower cash prices erased some of Tuesday's rally, said traders.