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CME update: live cattle futures rise as slaughtering ramps up

20 May 2020

US live cattle futures firmed despite increased slaughter numbers.

Reuters reports that the most actively-traded contract passed through a crucial technical benchmark on 19 May.

The nearby CME June live cattle futures contract settled up 0.05 cent at 98.775 cents per lb, while August live cattle ended 0.225 cent higher at 99.075 cents per lb.

The August live cattle contract rose above its 10-day moving average during the session.

Feeder cattle contracts were weaker, with the August contract slipping 0.625 cent to 131.925 cents per lb.

Cattle slaughter numbers remain well below their pre-pandemic averages as farmers and ranchers struggle to get their goods to market due to disruptions in the food supply and processing chains from the global health crisis.

President Donald Trump said on Tuesday the United States should consider terminating trade deals under which it imports cattle as the federal government moves to help agricultural producers hard hit by the coronavirus outbreak.

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