Chicago cattle futures were mixed on the eve of the Memorial Day weekend as this month’s cattle on feed report showed a decline in inventory. Hogs fell.
Most active August live cattle contracts closed at 210.450 cents a pound, down 0.050 cents. June live cattle settled at 215.800 cents, up 0.175 cents per pound.
Most active feeder cattle futures closed at 300.375 cents a pound, up 0.600 cents. September feeders gained 0.725 cents to settle at 299.350 cents a pound.
Choice boxed beef gained $0.58 per cwt to end the day at $361.55, the USDA said in its afternoon report. Select boxed beef closed at $351.32, up $2.37 per cwt.
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Total U.S. cattle and calves on feed totaled 11.4 million head on May 1, two per cent below May 1, 2024. Analysts polled by Reuters had predicted a 3.2 per cent decline.
Placements in feedlots in April were down three per cent from a year ago. Marketings of fed cattle were also down three per cent.
Most active July lean hog futures settled at 101.550 cents a pound, down 0.500 cents. August lean hogs closed at 101.275 cents per pound, down 0.725 cents.
Pork carcass cutout value sat at $101.46 per cwt in the USDA’s afternoon report. That’s a gain of $1.19 per cwt.
—Prices reported in USD
