Chicago lean hog futures made gains on Tuesday ahead of the U.S. Department of Agriculture’s Hogs and Pigs report, due Thursday.
Most active June lean hogs settled at 96.250 cents per pound, up 0.450 cents. April lean hogs closed at 86.650 cents a pound, up 0.950.
The USDA reported pork carcass cutout value at $97.55 per cwt, a gain of $0.18.
The USDA’s quarterly Hogs and Pigs report is due Thursday. The U.S. hog herd is expected to be 1.2 per cent larger, as of March 1, than one year earlier according to a Reuters survey of analysts.
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U.S. livestock: Feeder cattle extend rally to new highs
Chicago Mercantile Exchange feeder cattle futures extended gains to record highs on Wednesday while live cattle futures set a contract high before pulling back.
Most active June live cattle contracts closed at 202.325 cents a pound, up 0.175 cents and April live cattle gained 0.475 cents to settle at 206.375 cents a pound.
August and October live cattle contracts fell slightly to close at 198.875 and 198.600 cents a pound, respectively.
Most active May feeder cattle settled at 284.125 cents a pound, down 0.725 cents. August feeders closed at 287.975 cents a pound, down 0.525 cents. Both saw a third day of losses after reaching a fresh lifetime high last week.
Choice boxed beef closed at $335.19 per cwt, a gain of $8.09, the USDA reported Tuesday afternoon. Select boxed beef settled at $314.05 per cwt, up $0.47.
—Prices reported in U.S. dollars
