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CME update: live cattle futures climb higher along with wholesale beef prices

03 November 2020

US live cattle futures edged higher on 2 November as rising wholesale beef prices buoyed the market in light-volume trade.

Reuters reports that CME December live cattle futures settled up 0.250 cent at 108.550 cents per pound.

"That's still the underlying factor - (cattle) weights are not as big as expected, (beef) demand is still strong and consumer buying is stronger than expected," said Jason Roose, analyst with Iowa-based US Commodities.

Boxed beef prices firmed on 2 November for a third straight day, with choice cuts up 55 cents at $208.65 per cwt. Select cuts were up $1.38 at $192.62, according to USDA data.

The CME estimated Monday's trading volume in live cattle futures at just under 40,000 contracts, the smallest since 5 October, if confirmed in final data.

CME feeder cattle futures closed narrowly mixed, with the most-active January contract edging lower in a pause after a five-session climb. January feeders ended down 0.075 cent at 134.050 cents per pound.

Read more about this story here.

Source: Reuters


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