CME cattle futures mixed
Most-active April hogs decline
10 February 2023
1 minute read
By: US cattle futures were narrowly mixed on Thursday, consolidating around the near eight-year high hit earlier in the week, reported Reuters.
Limited supplies in the cash market underpinned futures prices.
"The packers will have to bid up to get these animals," said Dan Smith, senior risk manager at Top Third Ag Marketing. "The ranchers know that so they are going to hold them tight." CME benchmark April live cattle futures dipped 0.075 cent to 163.625 cents per pound, while front-month February live cattle gained 0.025 cent to 160.825 cents.
CME March feeder cattle futures rose 0.375 cent to 186.825 cents per pound.
Meat prices were strong, with select cuts rising by 90 cents to $254.06 per cwt, while choice cuts gained $2.51 to $269.71, according to US Agriculture Department (USDA) data.
Separately, USDA said that export sales of beef came in at 16,400 tonnes in the week ended Feb. 2, down from 25,200 tonnes the prior week.
Most-active April hogs lost 0.75 cent to 83.325 cents per pound, while June hogs dropped 0.35 cent to 101.65 cents.
Pork export sales fell to 28,000 tonnes from 30,900 tonnes, USDA said.
