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CME update: live cattle futures rise on improving cash values

16 July 2020

US live cattle futures closed higher on 15 July as the nearby August contract showed signs of firmer cash cattle prices and technical buying.

Reuters reports that market-ready cattle in the cash market traded at $95 to $97 per cwt in the Southern Plains, according to the USDA, after trading at $95 on 14 July.

"Today's online exchange saw 275 head of cattle sell at $95.50 to $95.75 per cwt, suggesting a possible near-term bottom in the market and supporting fresh buying on the board," StoneX chief commodities economist Arlan Suderman wrote in a client note.

CME August live cattle futures settled up 2.500 cents at 101.300 cents per pound after reaching 101.800 cents, the contract's highest since May 8. October live cattle rose 1.450 cents to finish at 104.550 cents.

CME August feeder cattle futures settled up 2.700 cents at 139.425 cents per pound.

Prices for choice cuts of boxed beef on Wednesday afternoon fell $0.16 to $200.76 per cwt, but select cuts rose $0.52 to $191.37 per cwt, according to the USDA.

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