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Cattle Futures Reach 5 Year Low on Sluggish Demand

July 21, 2016 at 23:43 by Brent Lantzy

US cattle futures declined to five year lows on Thursday with August live cattle declining 1.9 cents (1.7%) to $1.07525 per pound on the Chicago Mercantile Exchange (CME). This represents the lowest closing price for a front-month contract since June 2011.

The most heavily traded October contract declined 2.4 cents to $1.05700 per pound.

August feeder cattle futures declined 4.225 cents Batman Bounce House to $1.3440 per pound, the lowest close in over three years.

Cattle prices are under pressure from lower seasonal demand and expanding US production.

The midday choice beef cutout price for July 21 was down $0.61 from Wednesday to $200.70 per cwt, while select cuts were down $1.19 to $189.82 per cwt, according to USDA data.

The CME Feeder Cattle Index was down to $140.23 for the 7 days ending July 20, down from $141.28 on July 19.

Traders are anticipating the USDA’s Cattle on Feed report due to be released Friday at 19:00 GMT.

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