Cattle Futures Weighed Down on Waning Demand

For the second day cattle futures have backed-off their recent highs on the outlook of hot weather throughout the nation preventing people from grilling beef outside.  Both feeders and live cattle have backed off over one-half percent in late morning trading at the Chicago Mercantile Exchange.

Weather reports across much of the country and into Canada spelled out 90 degree heat coupled with humidity.  Plus, the USDA has reported wholesale beef prices falling for the eight straight session – not seen since March.
           
With no signs of relief with this heat, expect beef prices to remain depressed for another week,” said Christian Moreno, a commodities broker for HighGround Trading Group in Chicago, regarding the current cattle futures situation.

Cattle futures trend remains up while this dip in beef prices are forming.  Cattle futures may be depressed into next week according to the seasonality for this time of year, but still no “top” yet in sight for this market.

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