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CME update: cattle futures weaken as cattle placements look stronger than expected

28 September 2020

US cattle futures closed lower on 25 September, with the front-month live cattle contract falling from its highest level in more than a month on some end-of-week profit taking.

Reuters reports that CME October live cattle settled 0.45 cent lower at 107.575 cents per pound and December dropped 0.875 cent to end at 111.4 cents.

CME October feeder cattle settled 1.95 cents lower at 140.325 cents per pound, and most-active November ended down 2.2 cents at 140.15 cents.

After the markets closed, the USDA said that the number of cattle on feed as of 1 September was 104 percent of a year earlier, topping trader estimates for 103.3 percent.

Richard Nelson, chief strategist for commodity broker Allendale told Reuters that the bearish figure would weigh on the markets at the start of this week [28 September to 30 September].

Read more about this story here.

Source: Reuters


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