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CME Live Cattle Hits 9-Month Low
USAgNet - 08/18/2017

Chicago Mercantile Exchange live cattle futures sank to a nine-month low on Thursday, weighed down by seasonally tepid wholesale beef demand and sharply lower prices for slaughter-ready, or cash, cattle, traders said.

Thursday's market losses triggered pre-established sell orders. And fund liquidation developed after August and October futures fell below their respective 200-day moving averages of 108.217 and 107.371 cents.

According to Reuters, August ended 2.350 cents per pound at 107.125 cents, and October closed 2.100 cents lower at 106.225 cents.

So far this week packers paid $110 per cwt for a small number of cash cattle in the U.S. Plains, down $5 to $6 from a week earlier.

Packers resisted bidding up for cattle whose numbers, and weights, are increasing seasonally at a time when beef demand remains weak.

The market outlook was uncertain after Thursday's abrupt U.S. stock market retreat on escalating worries about the Trump administration's ability to push through its economic agenda, and as the United States drew a hard line for renegotiating the North American Free Trade Agreement.


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