Chicago Mercantile Exchange (CME) live cattle futures extended their run of life-of-contract highs on Friday, supported by a jump in cash cattle prices this week along with rising beef prices, Reuters reported, citing traders. Benchmark CME August live cattle futures settled up 0.525 cent at 172.900 cents per pound after posting a contract high at 174.250 cents. August feeder cattle finished up 0.250 cent at 241.900 cents per pound after notching a contract high at 243.800 cents.
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Chicago Mercantile Exchange (CME) live cattle futures extended their run of life-of-contract highs on Friday, supported by a jump in cash cattle prices this week along with rising beef prices, Reuters reported, citing traders. Benchmark CME August live cattle futures settled up 0.525 cent at 172.900 cents per pound after posting a contract high at 174.250 cents. August feeder cattle finished up 0.250 cent at 241.900 cents per pound after notching a contract high at 243.800 cents. Cattle futures rallied to keep pace with cash prices after market-ready cattle changed hands in Texas and Kansas this week as high as $180 per hundredweight (cwt), up to $9 higher than last week's trades. After Monday's holiday, meat packers had a short week in which to buy cattle for a full week of slaughter next week, a factor that may have supported cash prices. Some traders also noted heavy rains and flooding this week in the Texas Panhandle that may have limited the number of cattle available from ...