Chicago | Reuters — Chicago Mercantile Exchange live cattle futures ended modestly higher on Monday on follow-though buying from Friday and carry-over strength from last week’s strong cash cattle market.
Cash cattle traded late last week as high as $184-$185 per hundredweight (cwt) in northern feedlot areas, traders said, up from sales of around $178-$182 the previous week, and above the equivalent value of nearby live cattle futures near $177 (all figures US$).
CME most-active August live cattle futures settled Monday up 0.2 cent at 177.2 cents/lb., and the October contract ended up 0.575 cent at 179.95 cents after notching a life-of-contract high at 180.8 cents.
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August feeder cattle futures rose 0.825 cent to settle at 246.25 cents/lb.
A seasonal summertime slide in wholesale beef prices capped rallies. Choice cuts fell $3.11, to $313.79/cwt, and select cuts fell $3.30, to $282.33/cwt, according to the U.S. Department of Agriculture.
Hog futures declined. CME August lean hogs settled down 0.975 cent at 94.175 cents/lb., retreating after a climb to a near four-month high last week.
USDA quoted the wholesale pork carcass cutout up a penny at $107.95/cwt.
In global news, China will release 2,300 metric tonnes of frozen pork from state reserves on Wednesday, state-owned company Huashang Reserve Commodity Management Center said in a notice.
— Julie Ingwersen is a Reuters commodities correspondent in Chicago.
