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CME update: cattle futures slip as exports weaken

01 December 2020

US live cattle futures lost ground on 30 November as traders weighed weak beef exports against increasing beef production and climbing boxed beef prices.

Reuters reports that CME February live cattle futures fell for the second consecutive day, dropping 0.375 cent to 112.875 cents per pound.

"We’ve got good sized cattle – they're heavy, but we're going through them. We're running at close to capacity, even with the large weights," said Kirk Dawson, commodity broker at Allendale.

Strong boxed beef prices supported the market, with choice cut-outs adding 83 cents to $243.68 and select cuts gaining $1.75 to $222.43.

Packer margins remain high, with beef processors clearing $438.50 per head, according to Denver-based livestock marketing advisory service HedgersEdge.com LLC.

CME January feeder cattle ended 1.225 cents higher at 141.050 cents per pound, benefiting from a lower corn market.

Read more about this story here.

Source: Reuters



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