Chicago Mercantile Exchange cattle futures added small gains to contract highs, Friday.
Most active February live cattle futures closed at 198.775 cents per pound, up 1.175 cents from Thursday. April live cattle were up 1.200 cents to 199.475 cents a pound.
Most active March feeder cattle gained 1.100 cents per pound to settle at 269.400 cents. April feeders settled at 270.175 cents a pound, up 1.100.
Choice boxed beef was priced at $332.84 per cwt this afternoon, the USDA reported. That’s up $2.06 from yesterday. Select boxed beef was priced at $314.14, up $5.79.
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U.S. beef exports were up 10 per cent year-over-year to 109,288 tonnes, the U.S. Meat Export Federation (USMEF) said in a report this week. Export value climbed 11 per cent to $872.7 million (C$1.26 billion). January through November, exports increased five per cent in value over 2023 despite a one per cent decrease in volume.
“Despite continued economic headwinds in Asia, demand for U.S. beef strengthened in South Korea, China and Taiwan, and exports were fairly steady to Japan,” said USMEF president Dan Halstrom in the report.
“The strong performance in Mexico and outstanding demand for variety meat in Egypt were also critical for bolstering carcass value.”
Most active February lean hogs closed at 82.550 cents a pound, up 0.775 cents from Thursday. April lean hogs rose 1.325 cents to 88.675 cents per pound.
Pork carcass cutout values sat at $91.36 per cwt, up $0.88, the USDA reported this afternoon.
U.S. pork exports in November totaled 272,141 tonnes, up five per cent from 2023. Export value rose six per cent to just under $783 million (C$1.07 billion). Pork muscle cut exports increased six per cent to 221,652 tonnes.
“Another terrific month for pork demand in Mexico and throughout the Western Hemisphere,” said Halstrom. “It was also encouraging to see exports trend higher to Japan and sustain strong growth in Oceania and Southeast Asia.”
—Prices in USD unless otherwise stated
