CME update: cattle futures drop as supplies are assessed
CME live cattle futures fell on 26 August as Cattle on Feed report sends ripples through the commodity markets.
27 August 2020
1 minute read
Reuters reports that the cattle market faced pressure from weakness in the cash market, stemming from the ample supplies reflected in the USDA’s Cattle on Feed report issued last Friday, 21 August.
"It is the belief that maybe the cash cattle market is stalling out here," said Don Roose of US Commodities in West Des Moines, Iowa. "We have a little bit of a hangover from that."
CME benchmark October live cattle ended 1.775 cents lower at 107 cents per pound. October feeder cattle were down 1.15 cents at 141.925 cents per pound.
The Department of Agriculture logged the daily cattle slaughter at 118,000, unchanged from a day earlier.
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Source: Reuters
