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CME update: cattle futures advanced as grain prices fall

13 July 2020

US live cattle futures jumped on 10 July as prices for corn used to feed livestock tumbled.

Reuters reports that the lower corn prices can raise the potential for feedlots to pay more for calves.

CME August live cattle settled up 0.750 cent at 100 cents per pound. August feeder cattle rose 1.225 cents to 135.750 cents per pound.

Beef packers are estimated to slaughter 664,000 cattle this week, compared to 593,000 cattle a week earlier and 658,000 cattle a year ago, according to the US Department of Agriculture.

Processors are trying to work through cattle that backed up in feedlots when slaughterhouses closed in April as meatpacking workers became infected with the new coronavirus.

JBS USA, one of four major US beef packers, said its plant in Greeley, Colorado, "experienced a brief work disruption" on Friday 10 July, without giving details. The disruption "was resolved without incident," the company said.

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