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CME update: live cattle futures set new contract highs as demand surges

06 April 2021

Strong meat demand pushed US live cattle futures to new contract highs on 5 April.

Reuters reports that the cattle market benefited from increasing demand for beef as the United States is entering the summer grilling season, analysts said.

Prices for choice cuts of boxed beef soared by $5.82 to $258.67 per cwt, while select cuts rose by $2.89 to $249.86 per cwt, according to the US Department of Agriculture.

Rising demand for meat at restaurants helped support cattle and hog futures, analysts said, as expanding COVID-19 vaccinations encourage some consumers to eat more meals away from home.

Chicago Mercantile Exchange June live cattle settled up 1.875 cents at 124.425 cents per pound and set a contract high of 124.775 cents.

May feeder cattle futures climbed 2.550 cents to close at 151.775 cents.

Read more about this story here.

Source: Reuters



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