Most Chicago cattle futures slipped back on Thursday while most hog futures made slight gains.
Most active August live cattle contracts closed at 216.950 cents a pound, down 1.075 cents. October live cattle settled at 214.350 cents, down 0.675 cents a pound.
Most active August feeder cattle gained 0.175 cents to close at 311.250 cents per pound. September feeders settled at 310.550 cents, down 0.250 cents a pound.
Choice boxed beef was valued at $376.72 per cwt, up $1.96, the USDA reported. Select boxed beef sat at $363.07 this afternoon, up $2.32.
On Wednesday, August live cattle contracts had pulled back due to reports of U.S. Immigration and Customs Enforcement (ICE) raids on an Omaha, Nebraska meat packer. An Omaha newspaper on Tuesday said ICE had raided local Tyson and JBS plants, but those companies said the reports were false.
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Fears over the spread of parasite screwworm added to pressure, wrote analyst Oliver Sloup.
M0st active August lean hog contracts closed at 110.175 cents, down 0.025 cents a pound. July lean hogs settled at 108.900 cents a pound, up 0.050 cents.
P0rk carcass cutout value sat at $114.50 per cwt in the USDA’s afternoon report. That’s up $1.42 from Wednesday.
The USDA’s World Agricultural Supply and Demand Estimates (WASDE), released today, lowered total U.S. red meat and poultry production from last month. Beef production was lowered on reduced steer and heifer slaughter in the second quarter and on reduced cow slaughter in the rest of the year.
Pork production forecasts were unchanged.
—With files from Reuters
