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CME update: cattle futures stabilise as supplies remain high

06 August 2020

US live cattle futures steadied on 5 August as investors were unwilling to push the market above recent surges due to high cattle supplies.

Reuters reports that some producer hedging was seen during the trading day.

"Everybody is a little too bulled up," said Larry Hicks at Cattlehedging.com. "Everybody thinks we have worked through the supplies and we have not."

CME August live cattle futures settled up 0.025 cent at 102.3 cents per pound. Most-active October dropped 0.025 cent to close at 107.45 cents a pound.

Benchmark September feeder cattle fell 0.15 cent to 146.475 cents per pound.

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