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CME update: cattle futures are stuck in a trading range as the US economy reopens

11 June 2020

US live cattle futures fall after setting a one-week high on 9 June.

Reuters reports that the cattle futures market is caught in a trading range – where securities vacillate between consistent high and consistent low prices for a period of time.

CME August live cattle retreated 1.300 cents to 96.500 cents after setting a one-week high on Tuesday. August feeder cattle futures closed 1.575 cents lower at 132.675 cents per pound.

A Brazilian court ordered JBS SA to shut the production line of a beef plant in the state of Rondônia pending implementation of measures to stem a coronavirus outbreak at the facility, which employs 900 people.

The slaughtering of cattle in Brazil over the first quarter slowed to the lowest level since 2012 for the period, reaching 7.25 million head, the government's statistics agency IBGE said. IBGE did not provide a reason for the fall, but in March some local companies reduced the number of people on duty at beef plants to stem the spread of the virus.

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