U.S. livestock: Cattle futures snap winning streak on profit-taking

CME August 2020 live cattle with 20-, 50- and 100-day moving averages. (Barchart)

Chicago | Reuters — U.S. live cattle futures weakened on Tuesday, snapping a five-session streak of gains, as traders took some risk off the table.

Hog futures were slightly firmer.

Investors shrugged off signs of strength in the cash cattle markets, concerned that the streak that pushed the October contract to a five-month high had run too far given current market conditions.

“We still have major demand questions unanswered about how the rest of this year may play out … particularly in the food service sector, which is still operating at reduced seating capacities in most locales,” commodity brokerage StoneX said in a note to clients.

CME August live cattle futures settled down 0.75 cent at 102.275 cents/lb. (all figures US$). Most-active October dropped 0.8 cent to close at 107.475 cents/lb.

Benchmark September feeders fell 0.45 cent to 146.625 cents/lb.

CME October lean hog futures settled up 0.625 cent at 49.025 cents/lb.

— Reporting for Reuters by Mark Weinraub.

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