Chicago Mercantile Exchange live cattle contracts edged higher on Monday, while feeder cattle contracts fell, after U.S. government data released on Friday afternoon showed bigger-than-expected supplies in feedlots.
The U.S. Agriculture Department’s monthly report showed that the number of U.S. cattle on feed, as of April 1, was down 4% from a year earlier - which beat analysts’ expectations. USDA reported March placements of cattle into feedlots as down 1%, compared with expectations for a 5.2% drop.
Traders also noted some profit-taking in the feeder cattle contracts.
CME’s April live cattle futures settled up 0.325 cent at 174.3 cents per pound. Most-active June live cattle contract gained 0.025 cent to 164.55 cents, settling above its 10-day moving average.
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