CME update: cattle futures reach six-week high after a third straight day of gains

US live cattle futures rose for a third consecutive day on 18 May, hitting their highest point since 1 April.
calendar icon 19 May 2020
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Reuters reports that the increase follows the continued strength in the cash markets.

CME June live cattle futures contracts settled Monday up 1.725 cents at 98.725 cents per lb, while August live cattle ended up 1.025 cent at 98.850 cents per lb.

June live cattle futures faced technical resistance at the contract's 100-day moving average, a level it has not risen above since 24 January.

Feeder cattle contracts were also stronger, with the August contract rising 1.475 cents to 132.55 cents per lb.

CME Group said on Monday it was changing the trading rules regarding its live cattle and feeder cattle contracts to ensure they had the same price limits on every trading day. Previously, price limits for one of the contracts could expand after limit moves while the other stayed the same.

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