CME update: live cattle futures close higher, bolstered by optimism in pork market
11 September 2020
CME live cattle futures edged higher on 10 September, despite declining cash cattle and wholesale beef prices.
Reuters reports that the cattle futures market followed the action in the lean hogs market despite shaky cash values.
Traders reported that cash cattle markets were subdued on 10 September after trades on 9 September at $101 per cwt, down $1 to $2 from the bulk of last week’s trade.
“The cattle going higher was purely a function of the hogs going limit-up,” said independent livestock trader Dan Norcini.
CME October live cattle futures settled up 0.400 cent at 105.100 cents per pound. October feeder cattle ended up 1.350 cents at 139.600 cents per pound.
Traders await direction from the USDA’s monthly supply/demand reports and weekly export sales data set for release on Friday 11 September. Analysts expect the USDA to lower its estimates of US corn and soybean production