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CME update: live cattle futures remain steady while feeder futures edge higher

15 December 2020

US live cattle futures remained mostly unchanged on 14 December, while feeder cattle futures closed slightly higher.

Reuters reports that the slightly lower close in live cattle futures comes after three straight days of gains.

February live cattle futures ended 0.15 cent lower at 113.1 cents per pound. January feeder cattle gained 0.225 cent to 139.95 cents per pound.

 

Traders were watching for signs of a stabilising cash market after prices dropped last week.
"The holiday buying is basically done so that is why we belly flopped," Don Roose, president of brokerage US Commodities said. "We have to recharge our demand at a lower price."

The choice boxed beef cut-out fell $1.19 to $212.69 per cwt on Monday, while select cuts dropped $3.45 to $192.26 per cwt, according to the US Department of Agriculture (USDA). The select cuts were at their lowest since 30 October while the choice cut-out figure was the lowest since 5 November.

Read more about this story here.

Source: Reuters



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