Live and feeder cattle futures, as well as those for lean hogs, reached contract highs on the Chicago Mercantile Exchange on Friday.
A new round of trade talks between the United States and China in London next week, as well as a solid jobs report from the Labor Department helped strengthen the markets, as well as the ongoing decline in the U.S. cattle herd.
The August live cattle contract gained US$2.05 per hundredweight and closed at US$218.875, short of the new high water mark achieved earlier in the day at US$219.325. The August feeder cattle contract added US$1/cwt. at US$310.150, forty cents shy of its new contract high also attained on Friday.
The United States Department of Agriculture reported prices for choice and select boxes going in opposite directions. Choice boxes were down US$1.77/cwt at US$365.08 and select boxes were up US$0.12/cwt at US$356.73.
July lean hogs advanced US$2.30 to close Friday at US$107.100/cwt. with its new high set at US$107.275.
