CME update: live cattle futures close to unchanged

US live cattle futures ended close to unchanged on 17 May, with attempts at a bargain buying rally fizzling out after hitting some key resistance points.
calendar icon 18 May 2021
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Reuters reports that cattle futures have weakened along with corn futures to end last week, bottoming out at their lowest since 6 May.

The nearby June live cattle contract ended slightly higher but closed well below its session peak after failing to break through its 20-day moving average. Most-active August live cattle futures hit resistance at their 50-day moving average.

CME June live cattle futures settled up 0.05 cent at 115.35 cents per pound. August live cattle dipped 0.4 cent to 118.425 cents.

August feeder cattle rose 1.6 cents to 152.75 cents per pound.

Feeder cattle benefited from last week’s sharp decline in the corn market, which can boost profit margins for livestock producers.

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Source: Reuters

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