CME update: live cattle futures climb on sustained beef demand
US live cattle futures rose on 6 April, supported by strong consumer beef demand and a firming cash beef market.
7 April 2021
1 minute read
Reuters reports that CME June live cattle settled 0.200 cent higher at 124.625 cents per pound after setting a contract high of 125.125 cents. May feeder cattle futures were unchanged at 151.775 cents.
"The demand for protein is strong," said Altin Kalo, economist at Steiner Consulting Group. It’s people getting ready for the spring and restaurants opening up and trying to refill the pipeline."
Choice cuts of boxed beef added $4.10 to $262.77 per cwt, while select cuts gained $1.44 to $251.30 per cwt, according to the US Department of Agriculture.
US daily cattle slaughter resumed an increased pace after slower processing Friday and Monday due to the Easter holiday, with 120,000 head slaughtered on 6 April, compared to 105,000 the day prior.
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Source: Reuters
