Chicago Mercantile Exchange cattle futures made gains today as trends indicate that while contracts have backed away from record highs, market fundamentals remain solid.
Most active April live cattle settled at 198.125 cents a pound, up 1.350 cents. June live cattle closed at 193.200 cents per pound, up 1.100 cents.
Feeder cattle made larger gains. Most active March feeders settled at 268.125 cents per pound, up 3.225 cents. April feeders closed at 267.775 cents, up 2.950 cents per pound.
Choice boxed beef ended the day valued at $363.50 per cwt, up $1.63 as per the USDA’s afternoon report. Select boxed beef settled at $313.92 per cwt, up $1.02.
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Live and feeder cattle futures remain well off record highs set in late January. While prices may not hit new records in the near future, cash cattle market fundaments are still solid, wrote analyst Jim Wyckoff today.
Recent USDA figures showed a U.S. cattle herd continuing to shrink with no sign of plans to expand. Choice-grade cutout value is holding above $320.00 per cwt, which suggests good consumer beef demand, Wyckoff said.
Lean hog futures showed small losses across the board. Most active April lean hogs settled at 91.625 cents per pound, down 0.525 cents after a few days of gains. June lean hog futures closed at 103.975 cents per pound, down 0.300 cents.
The USDA reported pork carcass cut-out values at $99.62 per cwt, up $2.62.
—Prices reported in USD unless otherwise noted
