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Funds, Bargain Buying Rallies CME Live Cattle Futures
USAgNet - 05/26/2017

Chicago Mercantile Exchange live cattle on Thursday reversed some of their recent losses, stirred by fund buying and bargain hunting as the U.S. Memorial Day holiday approaches, said traders. They said futures' discounts to this week's cash prices attracted would-be buyers.

According to Reuters, June closed 1.800 cents per pound higher at 123.925 cents, and above the 10-day moving average of 123.140 cents. August closed 1.475 cents higher at 121.400 cents, and above the 20-day moving average of 120.859 cents.

A significant number of lighter weight cattle are available, which is supportive for cash and wholesale beef prices, said independent livestock futures trader Dan Norcini.

This week packers paid mostly $132 per cwt for market-ready, or cash, cattle in the U.S. Plains versus $133 to $134 last week.

Thursday afternoon's average wholesale beef price was up 3 cents per cwt to $246.11 from Wednesday. Select cuts dropped 62 cents to $218.98, the U.S. Department of Agriculture said.

Meanwhile, packers need fewer cattle while preparing to close plants on Monday's holiday. Retailer resisted buying large amounts of meat until they can gauge product movement over the holiday.


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