Live Cattle Futures Make Fresh Highs Ahead of Key USDA Data
Live cattle futures visited uncharted waters once more on Thursday, hitting fresh highs ahead of key USDA data due out this afternoon. The August contract topped at $182.975 per cwt, $1.80 per cwt above its previous record high achieved last week.
Ultimately, cattle futures formed outside bearish reversals and closed lower across the board, pressured by profit-taking and overbought signals. Feeder cattle futures also visited higher territory yesterday before finishing weaker, with gains capped by the relentless rise in corn prices amid rising tension between Russia...
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