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CME update: cattle futures make modest gains as demand wanes

07 September 2020

US live cattle futures rose on Friday 4 September, but traders remain uncertain about US demand for beef.

Reuters reports that traders are mindful that the US summer grilling season will soon come to an end on the Labour Day holiday, Monday 7 September. Consumers typically transition away from expensive cuts of meat after the holiday.

Continued closures of restaurants, school cafeterias and event spaces due to the COVID-19 pandemic are also putting downward pressure on demand, making the market more uncertain.

CME October live cattle futures rose 0.525 cent to 104.450 cents per pound. October feeder cattle futures ended 0.175 cent firmer at 138.500 cents per pound, after earlier touching their lowest price since 10 July.

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Source: Reuters


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