CME live cattle firm on scarce supply, firmer cash markets
Chicago Mercantile Exchange live cattle futures firmed on Wednesday as cash trade firmed and wholesale beef prices march higher, traders said.
5 August 2021
1 minute read
"We have some tighter market-ready cattle supplies right now. The outlook is for supplies to tighten further later in the year and into next year," said Doug Houghton, technical analyst with Brock Capital Management.
In Nebraska, cash cattle traded at $124-$125 per cwt, according to the U.S. Department of Agriculture, while the southern U.S. Plains continued to see $120 trade.
According to a report from Reuters, Benchmark CME October live cattle futures added 0.825 cent to 128.975 cents per pound. CME September feeder cattle futures added 0.350 cent to settle at 162.875 cents per pound.
Wholesale beef prices continued to strengthen, with Choice cuts gaining $3.50 to $289.34 per cwt, while select cuts firmed $3.66 to $271.15 per cwt, according to the U.S. Department of Agriculture.
Daily cattle slaughter eased to 122,000 head processed, above rates a week earlier and the same time last year, the USDA said.
