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CME update: cattle futures gain ground on strong cash markets

11 August 2020

CME live cattle futures rose on 10 August as the cash market strengthened and packers signalled a pick-up of slaughter rates.

Reuters reports that feeder cattle also gained. CME October live cattle added 0.70 cents to end at 107.95 per pound.

While heavier slaughter weights continue to indicate a backlog of cattle, brokers reported indication that packers may be seeing supply trim.

"All the packers were out and about buying in cash negotiation country last week," said Scott Varilek, broker at Kooima & Kaemingk Commodities Inc. "Maybe they don’t have as many cattle around them as they’re letting on."

The US Department of Agriculture estimated Monday's cattle slaughter at 117,000 head, up 3.5 percent from a week ago.

Read more about this story here.

Source: Reuters



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