CME update: cattle futures move up as supplies grow tighter
US live cattle futures rose to their highest in more than a month on 24 September as cash markets stabilised and traders feared that cattle supplies will tighten in the coming months.
25 September 2020
1 minute read
Speaking to Reuters about the day’s trading, Don Roose, president at US Commodities, said, “The feedlots believe…that we have a marketing hold for most of October into December.”
Chicago Mercantile Exchange October live cattle settled 0.875 cent higher at 108.025 cents per pound and December gained 1.075 cents to end at 112.275 cents.
The front-month contract topped out at 108.200, its highest since 17 August.
CME October feeder cattle settled 0.75 cent higher at 142.275 cents per pound, and most-active November ended up 0.7 cent at 142.35 cents.
USDA will release its monthly Cattle on feed report on Friday 25 September. The average of analysts' estimates forecast that figure would come in at 11.344 million head, 103.3 percent of a year ago. Placements were seen at 105.8 percent of a year ago.
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Source: Reuters
