In a statement made on Monday, The Chicago Mercantile Exchange announced that for the final two days of trading starting Sept. 7, live cattle futures daily price limit will be expanded. According to Reuters, the new expanded trading limit on the expiring contract is set to be 5.000 cents per pound for the final two trading days, said the world’s biggest exchange for livestock futures. Futures currently have a daily price limit of 3.000 cents per pound.
On Tuesday, October live cattle futures were down 0.02 cents to 148.12 cents per pound, while December futures slipped 0.12 to 150.87, reports AG Professional.
However, live cattle futures for August delivery, set to expire on Friday, Aug. 29, will not be affected by these newly expanded price limits. The expansion was made as a result of ongoing talk between customers and market participants.
CME spokesman Chris Grams said, “There has been some desire for livestock customers to have a little bit more flexibility in the last two days of trading ahead of expiration,” according to Reuters.
Meanwhile, AG Professional reports that September feeder futures declined 0.20 cents to 213.07 and November futures were also down 0.10 to 210.15.
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