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CME update: cattle futures rise on strong export figures

31 July 2020

US live cattle futures closed higher on 30 July for a third straight session, strengthened by high weekly beef export sales.

Reuters reports that the rising market can also be attributed to firming cash cattle prices.

Chicago Mercantile Exchange (CME) August live cattle futures settled up 0.275 cent at 101.725 cents per pound while most-active October rose 0.700 cent to 106.750 cents a pound.

CME August feeder cattle futures ended up 1.050 cents at 143.025 cents per pound, and September feeders rose 1.850 cents to 144.425 cents per pound.

The USDA reported that export sales of US beef reached 29,5000 tonnes for the week ending 23 July, marking a one-year high that was up 81 percent from the previous four-week average.

"The strong export report ... was pretty good on both shipments and sales. Japan and South Korea are very active," said Altin Kalo, economist with Steiner Consulting Group.

A weaker dollar has bolstered export demand for US agricultural products. The greenback has been in a month-long nosedive as the continued spread of coronavirus across US states weighs on the economy.

On the domestic front, market-ready cattle have traded lightly as high as $102 per cwt this week in the cash market, the USDA said, lending support to futures.

Read more about this story here.

Source: Reuters


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