Chicago | Reuters – Chicago Mercantile Exchange live and feeder cattle futures rose on Thursday on a tight cattle supply, though industry experts expressed doubt over consumer demand for beef as concerns grew over the U.S. economic outlook.
CME December live cattle LCZ25 ended 1.475 cents higher to 234.15 cents per pound.
October feeder cattle FCV25 rose 2.6 cents to end at 351.725 cents per pound.
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Wholesale beef prices have continued to decline following the end of the summer grilling season. Choice cuts declined by $2.37 to $385.81 per cwt, while select cuts were down $5.06 to $361.31 per cwt.
Meanwhile, traders continue to position for the USDA’s monthly Cattle on Feed report on Friday. Analysts surveyed by Reuters on average expected the government to report the number of cattle in U.S. feedlots as of September 1 at 11.097 million head, down 0.9 per cent from a year ago.
Analysts on average estimated the number of cattle placed into feedlots during August would be down nine per cent from a year earlier and marketings were seen down 12.8 per cent from a year ago.
CME October hogs LHV25 settled 0.15 cent higher at 97.475 cents per pound. On Thursday afternoon, the hog carcass cutout rose by 97 cents to $111.95 per cwt.
