Chicago cattle futures rose to start the week while hogs fell back.
Most-active August live cattle contracts closed at 213.875 cents a pound, up 0.575 cents. October live cattle settled at 210.175 cents per pound, up 0.350 cents.
Most-traded August feeder cattle futures settled at 310.675 cents a pound, up 2.775 cents. September feeders closed at 310.625 cents, up 2.725 cents a pound.
Choice boxed beef was valued at $395.56 per cwt in the USDA’s afternoon national report, a loss of $0.93. Select boxed beef was priced at $384.10 per cwt, up $1.17.
Most-active August lean hog contracts settled at 107.500 cents per pound, down 2.775 cents. October lean hogs closed at 92.400 cents, down 2.225 cents a pound.
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The USDA reported pork carcass cutout value at $115.41 per cwt on Monday afternoon, down $2.05.
Pork cutout value and the CME Lean Hog Index are sitting at their highest levels in nearly three years, wrote analyst Jim Wyckoff.
“That suggests strong consumer demand for pork at the meat counter,” he said.
With beef prices at historical highs and consumer confidence waning, it’s likely consumers will be more inclined to substitute pork for pricier beef cuts, he added. However, after the July 4 holiday, demand for grilling cuts will begin to taper off.
