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CME update: cattle futures rise as demand firms

17 June 2020

CME live cattle futures rose on 16 June as the market showed hints of increased demand from meat packers.

Reuters reports that the firming market demand for beef comes as grocery stores and restaurants are slowly reopening across the US.

McDonald’s Corp reported that demand had improved significantly from April to May as more of its restaurants began serving customers after COVID-19-related closures.

The upswing is also underpinned by expectations that the USDA’s Cattle on Feed Report, issued on Friday, will show lower placements. Karl Setzer, commodity risk analyst for AgriVisor explained, “we’re starting to see the market put a floor under cattle futures.”

Chicago Mercantile Exchange August live cattle settled up 0.775 cent at 96.775 cents per pound. August feeder cattle futures settled up 1.700 cents at 132.875 cents per pound.

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