Chicago cattle and lean hog futures ended mixed on Wednesday even as consumer demand remained strong ahead of Memorial Day.
Most active August live cattle contracts closed at 207.850 cents, down 0.075 cents per pound. June live cattle gained 0.200 cents to settle at 213.175 cents a pound.
Most active August feeder cattle settled at 297.500 cents a pound, up 0.025 cents. September feeders closed at 296.200 cents, down 0.125 cents per pound.
Choice boxed beef leapt to $360.44 per cwt, a gain of $5.63. Select boxed beef gained $1.01 per cwt to settle at $345.12, according to the USDA’s afternoon report.
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As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
Traders said they are anticipating that boxed beef prices may soon show signs of easing, as grocery and restaurant demand for higher-priced beef cuts slow ahead of the Memorial Day holiday weekend, and buyers turn their attention to stocking up for Father’s Day grilling.
Most active July lean hog contracts closed at 103.550 cents a pound, down 0.025 cents. June lean hogs gained 0.775 cents to settle at 100.025 cents a pound.
Pork carcass cutout value lost $0.57 per cwt to settle at $100.52 per cwt.
—With files from Reuters. Values reported in U.S. dollars.
