Chicago | Reuters — Chicago Mercantile Exchange live cattle futures ended firm on Tuesday, with the front-month contract hitting its highest in more than eight years as tight supplies continued to underpin the market.
Hog futures ended mixed.
Expectations for strong cash prices for the next few months due to tight supplies supported cattle futures.
Thinly traded February live cattle futures jumped 2.5 cents, to 167.5 cents, ahead of its expiration (all figures US$). The contract’s final settlement price was the highest for the front-month contract since Dec. 3, 2014.
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Most-active April live cattle closed 0.5 cent higher at 165.475 cents/lb.
Wholesale boxed beef prices were steady to firm. Choice cuts were priced at $288.95/cwt on Tuesday afternoon, up 61 cents from a day earlier, according to U.S. Agriculture Department data. Select cuts were unchanged at $279.25/cwt.
CME March feeder cattle futures settled 0.625 cent higher at 189.8 cents/lb. The front-month contract hit its highest since November 2015 during the session.
CME April lean hogs ended 0.45 cent higher at 85.175 cents/lb., finishing below its daily peak after hitting resistance at its 30-day moving average. June hogs dropped 0.375 cent to 101.725 cents.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
