Chicago mercantile exchange cattle ended mixed on Tuesday as the USDA raised its beef production forecast.
Most active April live cattle futures settled at 199.550 cents a pound, down 1.025 cents. June live cattle closed at 196.250 cents per pound, down 0.975.
March feeder cattle gained 0.450 cents to settle at 277.500 cents per pound while most active April feeders lost 0.225 cents to close at 277.200 cents a pound. May feeders settled at 278.950 cents a pound, up 0.400 cents.
Choice boxed beef ended the day at $321.20 per cwt, up $3.62, according to the USDA’s afternoon report. Select boxed beef was valued at $306.86 per cwt, down $0.09.
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USDA adjusts supply/demand estimates
Corn and soybean yields in the United States were left unchanged in the latest supply/demand estimates from the U.S. Department of Agriculture, released July 11, although a reduction in harvested area led to small downward revisions to production for the crops.
The USDA in today’s World Agriculture Supply and Demand Estimates (WASDE) raised its beef export forecast, with increased production allowing for additional supplies.
The beef import forecast was also raised on strong shipments in January and continued strong demand for lean processing beef.
The USDA lowered its cattle price forecast for the first half of 2025 based on recent prices. It kept its forecast for prices in the latter half of the year unchanged as demand for cattle is expected to be strong.
Most active April lean hog futures settled at 86.550 cents a pound, down 1.750 cents. July lean hogs closed at 98.375 cents a pound, down 0.450 cents.
The USDA put pork carcass cutout values at $97.58 per cwt, down $0.64.
The USDA lowered its pork production forecast based on slower slaughter in the first quarter, partially offset by heavier dressed weights.
—Prices reported in U.S. dollars
