Cattle futures rise in recovery from contract lows

Chicago Mercantile Exchange live cattle futures on Monday recovered from contract lows reached last week as concerns temporarily eased about the economic impact from the global coronavirus outbreak.
calendar icon 3 March 2020
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According to reporting from Reuters, equity markets also rose on speculation that central banks will cut interest rates to soften the economic blow of the epidemic.

“The market has been hit hard on the belief that the US economy specifically would be hit to a moderate or heavy extent,” said Rich Nelson, chief strategist for Illinois-based broker Allendale. “This will help ease some of that concern.”

CME April live cattle closed 2.575 cents higher at 110.150 cents per pound. June futures, the second-most- active contract, jumped 2.775 cents to 103.975 cents per pound.

April feeder cattle ended 2.350 cents firmer at 135.050 cents per pound. On Friday, the contract touched its lowest price since September.

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