FinanceWednesday, November 11, 20261 min read

CME cattle futures end mixed after two-day rebound from multi-month lows

By Livemint Markets · Published by Everything Blog

In short

Tight cattle supplies and recovering packer margins provided an underlying floor for the livestock sector, though nearby contracts faced pressure from technical selling and profit-taking. Feeder cattle drew additional momentum from lower feed corn prices following a steep two-week slide to multi-month lows. Meanwhile, lean hog contracts struggled to maintain early gains as ongoing softness in pork demand pressured deferred contracts lower.

Key points

Strengthening beef processing profit margins helped counter profit-taking pressure in the…: Strengthening beef processing profit margins helped counter profit-taking pressure in the cattle complex.
Lower feed corn costs are offering modest support to feeder cattle contracts amid tight s…: Lower feed corn costs are offering modest support to feeder cattle contracts amid tight supplies.
Persistent retail inflation continues to cast doubt on consumer appetite for beef ahead o…: Persistent retail inflation continues to cast doubt on consumer appetite for beef ahead of the holidays.

Sources checked by our analysis pipeline: 1

By Karl Plume

CHICAGO, Nov 11 (Reuters) - Chicago Mercantile Exchange live cattle futures ended mixed on Wednesday, with actively traded nearby contracts pressured by profit taking and technical selling following two sessions of strong gains.

Tight cattle supplies and improving packer margins underpinned the market, while feeder cattle futures posted modest gains as feed corn prices eased.

Before rebounding this week, both markets had been on a two-week slide that dragged prices to multi-month lows, leaving them poised for a technical rebound.

However, worries about consumer demand for high-priced beef and stubbornly high inflation continued to hang over the market.

"It feels more like a technical correction of an oversold market than an absolute turn in the market," said Jim McCormick, chief operating officer at AgMarket.

"I think demand is going to be the key going into the holidays. The consumer's pinched. Is he going to be buying beef or is he going to shy away to maybe a cheaper form of protein as he's trying to prepare for a very expensive Christmas season?"

Beef packer margins improved in…

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In short

Key Points

Strengthening beef processing profit margins helped counter profit-taking pressure in the…: Strengthening beef processing profit margins helped counter profit-taking pressure in the cattle complex.
Lower feed corn costs are offering modest support to feeder cattle contracts amid tight s…: Lower feed corn costs are offering modest support to feeder cattle contracts amid tight supplies.
Persistent retail inflation continues to cast doubt on consumer appetite for beef ahead o…: Persistent retail inflation continues to cast doubt on consumer appetite for beef ahead of the holidays.

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AI Analysis

Tone

Neutral

In short

Key Points

Strengthening beef processing profit margins helped counter profit-taking pressure in the…: Strengthening beef processing profit margins helped counter profit-taking pressure in the cattle complex.
Lower feed corn costs are offering modest support to feeder cattle contracts amid tight s…: Lower feed corn costs are offering modest support to feeder cattle contracts amid tight supplies.
Persistent retail inflation continues to cast doubt on consumer appetite for beef ahead o…: Persistent retail inflation continues to cast doubt on consumer appetite for beef ahead of the holidays.

Topics

Finance

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CME cattle futures end mixed after two-day rebound from multi-month lows

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