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CME Live Cattle Futures on the Rise
USAgNet - 07/20/2017

Chicago Mercantile Exchange live cattle futures gained sharply on Wednesday, fueled by short-covering in response to higher-than-expected preliminary cash prices, said traders.

August ended 2.200 cents per pound higher at 117.275 cents and above the 20-day moving average of 115.838 cents. October closed 2.000 cents higher at 118.875 cents, reports Reuters.

Wednesday morning's Fed Cattle Exchange (FCE) yielded market-ready, or cash, sales from $118 to $118.50 per cwt. Animals there last week fetched $117.25 to $118.75 per cwt.

FCE's generally steady cash returns encouraged bullish market investors despite seasonally lackluster wholesale beef values and declining, but still profitable, packer profits.

Some worried that futures would react bearishly to Tuesday's news of a reported case of atypical mad cow disease in Alabama, which was not considered a threat to humans.

Investors had expected lower FCE cash prices following the BSE news, but none of the cattle there sold below $118 per cwt which could mean steady money for remaining cattle in the U.S. Plains, said Domenic Varricchio, a broker with Schwieterman Inc.

Packer bids for unsold cash cattle were $115 to $117 per cwt against up to $122 asking prices, said feedlot sources.

Market participants await the U.S. Department of Agriculture monthly Cattle-On-Feed report on Friday.


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