CME update: cattle futures slip due to stock sell-offs
CME Group cattle futures were weaker on 21 April, facing pressure by a steep decline in equity markets.
22 April 2020
1 minute read
According to Reuters, both cattle and hog futures face uncertainty as supplies are restricted due to shutdowns at processing plants and slaughterhouses due to COVID-19.
"Cattle are more closely tied with the economy," said Don Roose, president of brokerage US Commodities in West Des Moines, Iowa.
CME June live cattle fell 1.025 cents to 84.075 cents per pound.
August feeder cattle futures dropped 0.75 cent to 126.9 cents per pound.
As of 21 April, USDA data indicates that the cattle kill totalled 84,000 head, about 30 percent below a year earlier.
"Cattle are backing up more quickly than the hogs are," Roose added.
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