Chicago lean hog futures resumed an upward trajectory on Friday after Thursday’s dip while live cattle fluctuated on either side of unchanged.
Most active June live cattle settled at a fresh high of 208.250 cents per pound, a gain of 0.250 cents. August live cattle closed unchanged at 204.100 cents per pound while October live cattle lost 0.100 cents to close at 201.975 cents per pound.
“Price action suggests some initial profit-taking around the $208.50-$209.00 zone, which was anticipated,” wrote analyst John S. Simpson Jr., senior market strategist at Walsh Trading.
Most active August feeder cattle contracts closed at 294.300 cents per pound, up 1.600 cents. September feeders settled at 293.550 cents, up 1.775 cents a pound.
Choice boxed beef gained $2.78 to end the day at $336.48 per cwt. Select boxed beef closed at $320.11 per cwt, a gain of $3.76.
Most active June lean hog futures settled at 101.150 cents a pound, up 1.225 cents. July lean hogs closed at 101.175 cents a pound for a gain of 1.125 cents.
The USDA reported pork carcass cutout value at $98.04 per cwt, up $2.18.
