Chicago Mercantile Exchange (CME) live cattle futures set life-of-contract highs on Friday as a government report this week showing reduced US cattle supplies continued to inspire speculative buying, Reuters reported, citing traders. A seasonal slide in wholesale beef prices capped rallies. But traders remained fixated on longer-term supplies after the US Department of Agriculture on Tuesday reported a 3% year-on-year drop in the size of the US cattle herd.
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Chicago Mercantile Exchange (CME) live cattle futures set life-of-contract highs on Friday as a government report this week showing reduced US cattle supplies continued to inspire speculative buying, Reuters reported, citing traders. A seasonal slide in wholesale beef prices capped rallies. But traders remained fixated on longer-term supplies after the US Department of Agriculture on Tuesday reported a 3% year-on-year drop in the size of the US cattle herd. CME benchmark April live cattle futures settled up 0.300 cent at 164.125 cents per pound after posting a contract high at 164.225 cents. Front-month February live cattle ended up 0.525 cent at 160.275 cents after setting its contract high at 160.475 cents. "The fundamentals are so bullish. With the tightening (cattle) numbers, people just want to be long cattle (futures)," said Dan Norcini, an independent trader. CME feeder cattle futures closed higher as well, with the March contract finishing up 0.175 cent at 186.100 cents ...
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