Cattle futures firm as feed prices weigh on markets - CME
Lean hog futures end lower
25 January 2023
1 minute read
By: Chicago Mercantile Exchange (CME) livestock futures were mixed on Tuesday as soybean and grain prices firmed, Reuters reported, citing traders.
Live cattle and feeder futures were able to continue Monday's price bump. But the higher feed prices weighed on the beef market, as did questions over consumer and export demand, StoneX chief commodities economist Arlan Suderman said in an analyst note.
Demand questions also continue to pressure the pork market, where futures prices eased more, analysts said.
CME February live cattle settled up 0.375 cent at 157.85 cents per pound, and most-active April ended up 0.750 cent at 161.30 cents per pound.
CME March feeder cattle futures rose 0.325 cent to settle at 183.600 cents per pound.
On Tuesday, both cattle and hog daily slaughter rates were down, according to USDA data. Meanwhile, beef and pork packing margins were up.
So were wholesale beef values: Choice cuts priced by the USDA on Tuesday morning were at $270.97 per cwt, down 47 cents from the previous day, and select cuts were down 72 cents at $253.77 per cwt.
February lean hog futures ended down 0.475 cent at 77.100 cents per pound. Most-active April hogs eased 0.075 cent to 85.375 cents per pound.
