Chicago cattle futures continued to climb on Monday after reports on Friday showed a smaller herd than expected. Hogs settled mostly higher.
Most-traded October live cattle contracts closed at 224.775 cents per pound, up 1.625 cents. August live cattle settled at 227.875 cents a pound, up 1.400 cents.
Most-active August feeder cattle futures settled at 333.525 cents a pound, up 2.150 cents. September feeders gained 2.350 cents to close at 334.550 cents per pound.
Choice boxed beef was valued at $367.73 per cwt, a gain of $1.05. Select boxed beef closed at $346.85 per cwt, up $1.98.
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Klassen: Lower U.S. calf crop supports Canadian feeder cattle market
For the week ending July 26, Western Canadian feeder cattle markets were relatively unchanged from seven days earlier. Yearlings off grass weighing 900 pounds plus were very strong and may have been up $3 to $5 from the previous week.
The USDA reported on Friday that the nation’s cattle herd was 94.2 million head as of July 1, a record low for that date. A separate report showed two per cent fewer cattle in U.S. feedlots compared to a year earlier. Analysts polled by Reuters had anticipated 0.8 per cent fewer cattle.
Most-active October lean hog contracts closed at 90.875 cents a pound, up 0.275 cents. December lean hogs settled at 82.900 cents, up 0.650 cents a pound.
Pork carcass cutout value FOB plant sat at $118.29 per cwt, down $0.57 in the USDA’s afternoon report.
—With files from Reuters. Prices quoted in USD.
