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CME update: cattle futures break winning streak

05 August 2020

US live cattle futures sank on 4 August, reversing five straight sessions of gains.

Reuters reports that cattle traders took some risk off the table.

Investors shrugged off signs of strength in the cash cattle markets, believing that the streak that pushed the October contract to a five-month high had run too far given current market conditions.

"We still have major demand questions unanswered about how the rest of this year may play out ... particularly in the food service sector, which is still operating at reduced seating capacities in most locales," commodity brokerage StoneX said in a note to clients.

CME August live cattle futures settled down 0.75 cent at 102.275 cents per pound. Most-active October dropped 0.8 cent to close at 107.475 cents a pound.

Benchmark September feeders fell 0.45 cent to 146.625 cents per pound.

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