Chicago cattle futures climbed on Wednesday while all but the most nearby lean hogs also made small gains.
Most active April live cattle closed at 201.400 cents a pound, up 1.850 cents. June live cattle settled at 197.875 cents, up 1.625 cents per pound.
While live cattle futures strengthened on Wednesday, the market remained well above most major moving averages after last Friday’s rally and was showing signs of running into resistance from a technical standpoint.
Most active April feeder cattle contracts settled at 280.725 cents per pound, up 3.025 cents. May feeders closed up 2.925 cents at 281.875 cents a pound.
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Choice boxed beef ended the afternoon at $321.10 per cwt, down ten cents. Select boxed beef was valued at $307.53 per cwt, a gain of $0.67.
The European Union said today it would impose tariffs on American beef alongside several other agricultural and industrial products. The announcement came after U.S. 25 per cent tariffs took effect on steel and aluminum.
The tariff isn’t expected to materially impact beef prices, though it may affect certain individual plants, the Cattle Range reported.
Most active April lean hog futures settled at 86.500 cents a pound today, for a loss of 0.050 cents. June lean hogs closed at 98.700 cents per pound, up 0.325 cents.
Pork carcass cutout was valued at $94.50 per cwt, down $3.00, as per the USDA’s afternoon report.
—Values reported in U.S. dollars
