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CME update: US cattle futures retreat after modest gains

22 October 2020

US live cattle futures eased on 21 October, retreating back toward seven-week lows hit on 19 October after a bargain buying fizzled as investors eyed plentiful cattle supplies.

Reuters reports that US feeder cattle futures were slightly higher following the front-month’s contract decline to its lowest since 1 July on 20 October.

"The cattle are just swinging back and forth after a pretty brutal fund liquidation phase," said Dennis Smith, commodity broker at Archer Financial Services said.

CME December live cattle futures dropped 0.875 cent to 104.575 cents per pound, settling below the low end of its 20-day Bollinger range.

January feeder cattle gained 0.375 cent to 127.075 cents per pound.

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Source: Reuters


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