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CME update: cattle futures close lower as cash trade falters

10 September 2020

US live cattle futures sank on 9 September on a disappointing start to the cash cattle trade.

Reuters reports that the fall occurred despite strong packer margins.

Market-ready cattle traded in Nebraska at $101 per cwt, down $1 to $2 from the bulk of last week’s trade, according to the USDA.

Softer wholesale beef prices added pressure. The choice boxed beef cutout value fell on the afternoon of 9 September to $222.95 per cwt, down $1.87 from Tuesday 8 September and down $2.90 from Friday 4 September.

"The boxed beef cutout values ... got no apparent bounce from Labour Day, so that is certainly not a positive factor," said Doug Houghton, analyst with Brock Associates.

On the export front, the last two weekly USDA export sales reports have shown robust US pork sales, especially to top global buyer China. The USDA's next weekly export sales report is due Friday 11 September, delayed a day due to Monday's federal holiday.

CME October live cattle futures settled down 1.075 cents at 104.700 cents per pound. October feeder cattle futures ended down 1.600 cents at 138.250 cents per pound.

Read more about this story here.

Source: Reuters



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