Strength in cash markets caused live and cattle futures on the Chicago Mercantile Exchange to rise on Thursday, despite low export numbers reported by the United States Department of Agriculture.
The August live cattle contract surged US$4.475 per hundredweight and closed at US$216.825, just shy of its contract high of US$216.950 which was attained earlier in the day. The August feeder cattle contract jumped US$5.275/cwt. to end the day at US$309.150. The contract also reached a new contract high of US$309.475 on Thursday.
U.S. export sales for the week ended May 29 were 8,978 tonnes, a five-week low.
The United States Department of Agriculture reported mixed movement in choice and select boxes. Choice boxes were up US$1.69/cwt at US$366.85 and select boxes were down US$0.11/cwt at US$356.61.
July lean hogs lost US$0.225 to close Thursday at US$104.800/cwt.
