CME update: live cattle futures rise on boxed beef strength

US live cattle futures gained ground on 11 November as strength in the cash market and firm beef cut-out prices offered on-going support.
calendar icon 12 November 2020
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Speaking to Reuters, Altin Kalo, an economist with Steiner Consulting Groups said, “we've had a pretty decent rally on the meat side, and I think that's certainly been a factor."

Chicago Mercantile Exchange December live cattle futures settled 0.525 cent higher at 112.400 cents per pound after hitting 112.700, the contract's highest price since 12 October.


Choice beef cut-outs gained 59 cents to $222.84 per cwt, while select cuts fell 9 cents to $208.46, according to the US Department of Agriculture.

Back-month live cattle contracts for October 2021, December 2021, February 2022 and April 2022 reached life-of-contract highs.

Feeder cattle futures declined for a second day as rising grain prices threatened production costs after the USDA's monthly supply/demand report on Tuesday 10 November projected tighter corn and soybean stocks.

CME January feeder cattle futures slipped 0.200 cent to 140.200 cents per pound.

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Source: Reuters

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