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CME update: live cattle futures gain ground on wholesale strength

20 August 2020

CME live cattle futures firmed on 19 August as boxed beef prices gave support ahead of the upcoming Labour Day holiday weekend.

When speaking to Reuters, Alan Brugler, president of Brugler Marketing said, “…it’s the main week for retailers to lock up their Labour Day supplies. That’s kept a floor under the cash market.”

CME benchmark October live cattle ended .95 cent higher at 110.825 cents per pound, while September feeder cattle gained .400 cent to end at 146 cents per pound.

Choice cuts of boxed beef climbed $2.20 to $223.06 per cwt at midday, while select cuts increased by $1.10, to $205.75 per cwt, according to the US Department of Agriculture.

Gains were limited as traders anticipate large cattle placements in the USDA's Cattle on Feed report, due out Friday 21 August. A Reuters poll of 11 analysts showed July placements at 105.9 percent, versus a year ago.

Cattle slaughter rates fell slightly from yesterday, with 119,000 head processed, still higher than a week and a year ago.

Beef packer margins reached $302.55 per head - the highest since 17 June, according to Denver-based livestock marketing advisory service

Read more about this story here.

Source: Reuters


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