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US Cattle futures regain ground

18 March 2020

US cattle futures surged yesterday as consumers stocked up at grocery stores over the weekend.

The surge in consumer purchases left the cash market stronger and the grocery sector needing to re-stock shelves. According to reporting from Reuters, bargain buying also helped support the livestock market. Both live cattle and feeder cattle futures were recovering from Monday’s low numbers.

After multiple US governors ordered restaurants to close in a bid to control the spread of the coronavirus, consumers depleted stores of meat and other staple goods.

Cash cattle was trading as much as $3 per lb higher than a week earlier and was priced at a $13 to $18 premium over the futures market, INTL FCStone said in a note to clients.

Live cattle contracts notched the biggest gains, with the first three trading months notching limit-up gains. CME May feeder cattle futures contract settled up 1.875 cents at 111.85 cents per lb.

Feeder cattle contracts, which had traded with expanded limits of 6.75 cents on Tuesday, will have limits of 4.5 cents on Wednesday, CME Group said.

CME June live cattle futures were up 4.5 cents at 89.75 cents per lb.

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