Chicago | Reuters — CME Group cattle futures rose for a third day in a row on Friday, with the front-month live cattle contract hitting a fresh 4-1/2-year high on strong cash markets and rising slaughter numbers.
Hog futures were weaker on technical selling.
CME’s most-active February live cattle contract gained 0.45 cent to 137.7 cents/lb. (all figures US$). The spot December contract rose 0.375 cent to close at 133.525 cents/lb.
CME January feeder cattle futures dropped 0.45 cents to end at 160.925 cents/lb.
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After the close, the U.S. Department of Agriculture (USDA) said that the amount of cattle on feed as of Nov. 1 was 100 per cent of the year-ago total. Analysts had been expecting 98.8 per cent.
Cattle marketings during October were 95 per cent of the year-ago total and placements were 102 per cent. Analysts had been expecting 96.3 and 102.2 per cent, respectively.
USDA reported a daily cattle slaughter of 121,000 head, up from 115,000 a week ago and 116,000 a year ago.
Wholesale boxed beef prices were weaker, with choice cuts rising $1.90, to $278.06/cwt, and select cuts gaining $1.15, to $264.31/cwt, on Friday morning.
CME December lean hogs fell 1.35 cents, to 73.75 cents/lb., and February hogs ended 0.825 cent lower at 82.475 cents.
— Reporting for Reuters by Mark Weinraub in Chicago.
