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CME update: cattle futures rise in response to low corn price

14 July 2020

US live cattle futures rose on 13 July, responding to signals in the grain markets.

Reuters reports that cheaper corn prices in the US will encourage feedlots to pay more for calves.

CME August feeder cattle rose 1.300 cents to 137.050 cents per pound, after reaching 137.850 cents, the contract's highest since 8 May.

However, benchmark August live cattle futures settled down 0.350 cent at 99.650 cents per pound on worries about a seasonal slide in beef demand and weak wholesale beef prices.

Meat packers continue to work through a backlog of cattle dating to April, when several slaughterhouses closed as workers became infected with the new coronavirus.

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