CME update: cattle futures firm, reaching a two-week high

US cattle futures posted a second straight day of gains on technical buying on 17 December, reaching a two-week high.
calendar icon 18 December 2020
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Reuters reports that Chicago Mercantile Exchange (CME) February live cattle futures settled up 0.675 cent at 114.45 cents per pound. Technical support for the contract was noted at its 100-day moving average.

January feeder cattle rose 0.1 cent to 140.95 cents per pound.

The choice boxed beef cut-out rose $2.29 to $209.51 per cwt on Thursday 17 December, according to the US Department of Agriculture. Select cuts rose $1.61 to $193.70 per cwt.

The USDA on Thursday morning reported that export sales of beef totalled 14,600 tonnes in the week ended 10 December compared to 15,000 tonnes a week earlier.

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Source: Reuters

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