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CME update: US cattle futures fall on technical selling

20 October 2020

The US cattle market suffered from technical selling on 19 October, continuing its recent losing streak.

Reuters reports that CME December live cattle futures fell 3.475 cents to 105.15 cents per pound, hitting its lowest since 9 September.

December live cattle futures tried to firm but hit resistance at their 100-day moving average. The contract then dropped below the low end of its 20-day Bollinger range.

January feeder cattle tumbled 4.1 cents to 125.225 cents per pound.

Traders worry that food service demand for beef may weaken in the United States and other nations due to COVID-19 outbreaks that could keep consumers at home.

Read more about this story here.

Source: Reuters


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