In the first trading day of June, live and cattle futures on the Chicago Mercantile Exchange made substantial gains.
The August live cattle contract advanced US$1.650 per hundredweight to end the day at US$211, its highest close since May 13. Meanwhile, the August feeder cattle contract surged by US$2.925/cwt. to close at US$301.750, its highest ending value since May 14.
New trading limits were set for today, with live cattle at US$7.25/cwt. (previously US$6.50) and feeders at US$9.25/cwt. (previously US$8.25).
As of May 27, spec traders in live cattle futures and options trimmed 1,271 contracts from the net long position over the past week at 131,293, said the Commitment of Traders report released on May 30.
The United States Department of Agriculture reported a rise in wholesale boxed beef prices Monday afternoon, with choice boxes up US$0.25/cwt at US$366.34 and select boxes showing a gain of US$3.01/cwt at US$356.65.
July lean hogs added US$0.050/cwt. at US$104.975, its highest close since Feb. 18.
