Concerns Over Banking Sector Fueled Sell-Off in Livestock Futures
All eyes have been on the financial sector in recent days following the collapse of Silicon Valley Bank and Signature Bank over the weekend. On Wednesday, U.S. stocks tumbled as growing concerns over the financial system mounted. Shares of Credit Suisse, a global investment bank and financial services firm based in Switzerland, declined by as much as 30% and hit an all-time low.
The downturn in stocks likely spilled over into livestock futures Wednesday. Live cattle and feeder futures closed lower for a fifth consecutive session yesterday, sending the April contract to a multi-week floor. Further declines in futures prices yesterday triggered cash cattle sales by hedged feeders, who captured the positive basis of cash over futures...
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