US cattle futures end higher on firm cash - CME
Hog futures decline
11 July 2023
2 minute read
By: Chicago Mercantile Exchange (CME) live cattle futures ended modestly higher on Monday on follow-though buying from Friday and carry-over strength from last week's strong cash cattle market, reported Reuters.
Cash cattle traded late last week as high as $184 to $185 per hundredweight (cwt) in northern feedlot areas, traders said, up from sales of around $178 to $182 the previous week, and above the equivalent value of nearby live cattle futures near $177.
CME most-active August live cattle futures settled Monday up 0.200 cent at 177.200 cents per pound, and the October contract ended up 0.575 cent at 179.950 cents after notching a life-of-contract high at 180.800 cents.
August feeder cattle futures rose 0.825 cent to settle at 246.250 cents per pound.
A seasonal summertime slide in wholesale beef prices capped rallies. Choice cuts fell $3.11 to $313.79 per cwt and select cuts fell $3.30 to $282.33 per cwt, according to the US Department of Agriculture (USDA).
Hog futures declined. CME August lean hogs settled down 0.975 cent at 94.175 cents per pound, retreating after a climb to a near four-month high last week.
The USDA quoted the wholesale pork carcass cutout up a penny at $107.95 per cwt.
In global news, China will release 2,300 metric tons of frozen pork from state reserves on Wednesday, state-owned company Huashang Reserve Commodity Management Center said in a notice.
