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Live Cattle Lowest in Five Years

July 8, 2016 at 1:26 by Brent Lantzy

Chicago Mercantile Exchange (CME) August live cattle futures settled lower on Thursday, down $1.00 to $111.800 cents per pound, the lowest closing price for a front-month contract in five years. The October contract closed 87.5 cents lower at 112.225 cents per pound.

Some of the downward pressure can be attributed to large funds “rolling” their positions from the front-month contract to deferred months. Friday is the first of five days in which funds that track the Standard & Poor’s Goldman Sachs Commodity Index “roll” August live cattle and lean hog long positions primarily into October.

August feeder cattle closed 95 cents lower to 143.625 cents per pound.

The afternoon choice beef price was up 97 cents Mickey Mouse Bounce House from Wednesday to $210.05 per cwt. Select cuts were up 5 cents to $196.98, according to USDA daily beef reports.

Due to the July 4 holiday on Monday, the USDA’s weekly beef and pork export report will be released a day late on Friday at 12:30 PM GMT.

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