Leading meatpackers test controversial online cattle auction
03/02/2016
The system has been established to try to improve cattle futures following extreme price volatility in the hides market.
However, Terry Duffy, executive chairman of derivatives marketplace CME, told Reuters he was dubious: "The industry needs to work a little harder to figure out how they're going to get more liquid in the cash trade,” he said.
Jordan Levi, managing partner for Arcadia Asset Management, told the National Cattlemen's Beef Association that he organised a trial run of an online to improve price transparency.
Representatives of JBS, Cargill, Tyson Foods and National Beef Packing Company took part.
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