Live cattle near eight-year highs - CME
April hogs jump 3.025 cents
14 February 2023
2 minute read
By: US live cattle futures climbed to contract and multi-year highs on Monday on optimism about firming cash cattle prices and tightening US cattle supplies, reported Reuters.
Most-active April live cattle futures on the Chicago Mercantile Exchange (CME) settled up 1.150 cents at 165.100 cents per pound after recording a contract high at 165.250 cents. Front-month February finished up 1.075 cents at 162.275 cents per pound, the highest on a continuous chart of the spot futures contract since April 2015.
CME March feeder cattle futures ended up 0.800 cent at 187.200 cents per pound.
Live cattle futures got a boost after market-ready cattle traded at $160 to $161 per hundredweight (cwt) late last week in southern Plains cash markets, up $1 to $2 from the previous week, traders said.
Beef prices strengthened, with choice cuts rising for a sixth straight day to $269.95 per cwt, up 29 cents from Friday. Select cuts were up $1.92 at $256.21, according to US Department of Agriculture Department.
In South America, Argentina's economy ministry announced a price control program to bring down the cost of popular beef cuts amid ongoing high inflation. During a press conference, an economy ministry official said some popular cuts of meat would see prices drop around 30%.
In the US hog market, benchmark CME April hogs jumped 3.025 cents to settle at 86.350 cents per pound, while June hogs rose 2.600 cents to end at 104.250 cents.
The USDA priced pork carcasses $81.74 per cwt Monday afternoon, up 69 cents from Friday.
