(Bloomberg) -- The coronavirus crisis is proving an unlikely boon for the Fed Cattle Exchange's online auction.
Volumes at some U.S. livestock auctions have dwindled in recent weeks as the virus kept buyers and sellers at home. But the FCE, which hosted its first auction about four years ago, has nearly 6,000 head of cattle available for sale at its weekly online event Wednesday. That's the most in at least a year.
“In a time of uncertainty, people are looking for a more transparent venue to trade cash cattle and provide market signals,” auction representative Emily Jackson said.
Sales of physical cattle help give direction to Chicago cattle futures. Cattle futures surged on Tuesday, in part on hopes of higher prices for animals in cash markets after the market plunged in recent days on worries of a potential virus-related disruption in beef processing.
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