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CME update: cattle futures firm, reaching a two-week high

18 December 2020

US cattle futures posted a second straight day of gains on technical buying on 17 December, reaching a two-week high.

Reuters reports that Chicago Mercantile Exchange (CME) February live cattle futures settled up 0.675 cent at 114.45 cents per pound. Technical support for the contract was noted at its 100-day moving average.

January feeder cattle rose 0.1 cent to 140.95 cents per pound.

The choice boxed beef cut-out rose $2.29 to $209.51 per cwt on Thursday 17 December, according to the US Department of Agriculture. Select cuts rose $1.61 to $193.70 per cwt.

The USDA on Thursday morning reported that export sales of beef totalled 14,600 tonnes in the week ended 10 December compared to 15,000 tonnes a week earlier.

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Source: Reuters


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