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CME update: cattle futures retreat again as consumer outlook remains cloudy

23 July 2020

US live cattle futures closed lower on 22 July as uncertainty about demand lingers.

Reuters reports that analysts are also worried about an influx of market-ready cattle in the coming weeks.

"You look at pasture range and it is deteriorating very quickly," said Ted Seifried, chief agriculture market strategist at Zaner Group.

Seifried said given the option to spend more on grain feed or sell to packers early, producers may opt for the less cost-intensive option.

"I think you'll have a lot of cattle coming to market over the next couple weeks," he said.

Chicago Mercantile Exchange (CME) August live cattle futures settled down 0.350 cent at 101.500 cents per pound and October live cattle fell 0.400 cent to 105.725 cents.

CME August feeder cattle futures settled up 0.200 cent at 141.525 cents per pound.

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