Chicago | Reuters — U.S. cattle futures were narrowly mixed on Thursday, consolidating around the near eight-year high hit earlier in the week.
Limited supplies in the cash market underpinned futures prices.
“The packers will have to bid up to get these animals,” said Dan Smith, senior risk manager at Top Third Ag Marketing. “The ranchers know that so they are going to hold them tight.” CME benchmark April live cattle futures dipped 0.075 cent, to 163.625 cents/lb., while front-month February live cattle gained 0.025 cent, to 160.825 cents (all figures US$).
CME March feeder cattle futures rose 0.375 cent, to 186.825 cents/lb.
Meat prices were strong, with select cuts rising by 90 cents, to $254.06/cwt, while choice cuts gained $2.51, to $269.71, according to U.S. Agriculture Department data.
Separately, USDA said export sales of beef came in at 16,400 tonnes in the week ended Feb. 2, down from 25,200 tonnes the prior week.
Most-active April hogs lost 0.75 cent, to 83.325 cents/lb., while June hogs dropped 0.35 cent, to 101.65 cents.
Pork export sales fell to 28,000 tonnes from 30,900 tonnes, USDA said.
— Reporting for Reuters by Mark Weinraub in Chicago.
