Chicago | Reuters — Chicago Mercantile Exchange livestock futures rose on Tuesday on hopes that the pace of slaughter of both cattle and hogs will pick up after slowing down for the U.S. Labor Day holiday weekend.
Short-covering was also noted in hog futures after the front-month contract sank to its lowest since Feb. 9 early in the trading session.
Benchmark CME October live cattle futures settled up 0.5 cent at 145.05 cents/lb., with December up 0.625 cent at 150.875 cents.
CME October feeder cattle gained 1.15 cents to close at 186.1 cents/lb. despite a rally in corn futures.
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CME lean hog futures closed higher, with October lean hogs rising 1.075 cents at 91.1 cents/lb., while December hogs gained 0.8 cent to close at 83.5 cents per lb.
In the U.S. wholesale beef market, choice cuts rose $1.07, to $260.49 per hundredweight (cwt), on Tuesday, extending their rebound from a 3-1/2 month low hit on Thursday. Select cuts rose 72 cents, to $239.30/cwt, according to the U.S. Department of Agriculture (USDA).
Wholesale pork prices also were strong after hitting their lowest since mid-May last week. USDA priced pork carcasses at $106.03/cwt on Tuesday morning, up $3.78 from Friday afternoon.
— Reporting for Reuters by Mark Weinraub in Chicago.
