Live Cattle Futures Rise as Crude Oil Tumbles
Live Cattle Futures Rise as Crude Oil Tumbles
Tumbling crude oil prices helped support live cattle futures. Volatility in crude oil has been a pressure point for cattle, as traders see high beef prices as less feasible for consumers pressured by high oil prices.
Increasing optimism around a resolution between the U.S. and Iran helped turn oil around, with crude oil down 5% to around $89 a barrel. Live cattle futures settled up 1.3% to $2.51475 a pound, while lean hogs settled up 1.9% to $1.0205 a pound.
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