By, , The Western Producer, April 24, 2017
CHICAGO, April 24 (Reuters) – Chicago Mercantile Exchange live cattle fell on Monday in a profit-taking setback after notching one-year highs for four straight days last week, traders said.
Larger-than-expected cattle placements in a monthly government report issued after the market closed on Friday added pressure to start the week, with deferred contracts posting the steepest declines.
“The trade been trying to dial in a top in the cattle market for about six weeks now,” said Don Roose, president of U.S. Commodities. “There’s more confidence now that maybe this week we’ll see the top in cash cattle and the (beef) cutout and we’re going to start to drift lower seasonally.”