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CME update: cattle futures continue rising

04 August 2020

US live cattle futures continued their winning streak on 3 August, as fund buying sparked the gains to expected strength in the cash markets.

Speaking to Reuters, commodity trader Don Roose said, “the trade continues to feel that the cash market has bottomed. It continues to feel that the cash market will trade from $1 to $2 higher this week."

The front-month Chicago Mercantile Exchange live cattle futures contract has risen for five straight sessions, its longest stretch of higher closes since March. But the daily gains have been modest and the front-month contract has risen just 2.5 percent during the streak.

CME August live cattle futures settled up 0.2 cent at 103.025 cents per pound. Most-active October rose 0.4 cent to close at 108.275 cents a pound, peaking at 108.45 cents, its highest since 6 March.

Benchmark September feeders rose 0.85 cent to 147.075 cents per pound.

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