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CME update: cattle contracts fell on technical selling

21 April 2020

Cattle contracts ease as supplies are expected to tighten.

According to reporting from Reuters, the slight fall can be attributed to news of additional slaughterhouse closures due to workers falling ill from COVID-19.

CME June live cattle fell 1.2 cents to 85.1 cents per pound. The contract hit resistance at its 20-day moving average.

August feeder cattle futures dropped 0.75 cent to 127.65 cents per pound after failing to hold support above its 40-day moving average, a level it struggled at during the previous two sessions.

JBS USA has indefinitely closed a hog slaughterhouse in Minnesota that produces about 5 percent of pork in the US. This is a further disruption to the US food supply chain from the coronavirus pandemic.

After the close, Cargill Ltd said it has begun the process of temporarily idling its beef plant in High River, Alberta due to a COVID-19 outbreak and encouraged all of its employees to get tested for the respiratory virus as soon as possible.

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