Chicago hog futures rallied on Monday after a long slide. Cattle futures also jumped with all feeder contracts hitting upward limits.
Most-active December lean hog contracts closed at 82.775 cents a pound, up 3.375 cents. February futures settled at 82.825 cents per pound, up 3.475 cents.
Pork carcass cutout value ended the afternoon at $100.22 per cwt, up $1.24, the USDA reported.
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Canada Western Red Spring (CWRS) wheat bids across the Prairie provinces saw some strength during the week ended Nov. 11, taking some direction from the United States futures. However, other wheat classes were mixed.
“In my opinion, the news that the government shutdown may end this week provided a relief to traders that demand will pick up for pork as we near the holiday season,” wrote analyst Ben DiCostanzo.
Most-traded December live cattle futures settled at 228.550 cents a pound, up 7.200 cents. February contracts gained the 7.250 cent limit to close at 227.000 cents per pound.
Most-active January feeder cattle futures closed up the limit at 9.250 cents at 328.825 cents a pound. March contracts settled at 323.225 cents per pound, also up 9.250 cents.
Choice boxed beef value rose by $0.92 to end the afternoon at $377.32 per cwt. Select beef was valued at $359.70 per cwt, down $1.39.
