LIVESTOCK-CME live cattle futures jump on firmer U.S. cash trade
Julie Ingwersen, Reuters
July 5, 2019
CHICAGO, July 5 (Reuters) - Chicago Mercantile Exchange (CME) live cattle futures settled higher on Friday and set a one-month top, buoyed by higher cash cattle trades in northern states including Nebraska and Iowa, traders said.
The U.S. Department of Agriculture (USDA) confirmed that more than 22,000 head of cattle traded Wednesday in Nebraska, mostly from $113 to $113.50 per cwt, up $2 from the previous week. Cattle traded in Iowa mostly at $112 to $114, up $1 from last week.
“That seemed to be the driving force in the cattle market,” said Dennis Smith, a commodity broker with Archer Financial Services in Chicago.
Cattle traded on Wednesday in Texas and Kansas at $109 per cwt, steady with last week, the USDA said.
CME most-active August live cattle futures settled up 1.550 cents at 107.000 cents per pound and October ended up 1.775 cents at 108.075 cents.
CME feeder cattle futures followed the firm trend in live cattle, with August feeders rising 2.250 cents at 138.825 cents per pound.
CME lean hog futures took the opposite tack, declining on follow-through selling after Wednesday’s weak close just ahead of the July Fourth holiday.
Plentiful U.S. hog supplies continued to hang over the market...