CME update: cattle futures make modest gains

US live cattle futures closed slightly higher on 9 July on expectations for steady and stronger cash cattle prices for the week.
calendar icon 10 July 2020
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Reuters reports that the modest gains on 9 July reflect the market’s lingering uncertainty about beef demand. The uncertainty capped rallies.

Prices for choice cuts of boxed beef on Thursday afternoon dropped 24 cents to $203.59 per cwt and select cuts fell $0.69 to $194.83 per cwt, according to the USDA.

"Beef demand in the middle of the summer is generally not good," Dan Norcini, an independent livestock trader, said.

CME August live cattle settled up 0.100 cent at 99.250 cents per pound. August feeder cattle rose 0.475 cent to 134.525 cents per pound.

Traders await the USDA's monthly agricultural supply/demand reports on Friday 10 July.

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