Chicago | Reuters—Chicago Mercantile Exchange live cattle futures were mixed on Wednesday, and feeder cattle turned lower, as the U.S. dollar continued to recover and livestock traders remained uneasy about the health of the global economy, market analysts said.
But weakness in the Chicago grains futures markets Cv1, Wv1gave cattle some support on the day, traders said.
Most-active October live cattle LCV24 finished 0.225 cent higher at 179.275 cents per pound, as it inched off the lowest prices seen in nearly three months on Monday.
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CME feeder cattle futures remained under pressure, hovering at levels not seen since December. Most-active September feeders FCU24 closed down 1.675 cents at 238.900 cents per pound.
Prices in the cash cattle market are expected to ease on limited trade this week, traders said: One trade in Iowa was reported at around $193 per hundredweight (cwt), and another in Texas at $185 per cwt.
U.S. beef exports in June were up nearly 1.8 per cent compared to May, but down nearly 2.4 per cent compared to the same time a year earlier, U.S. Department of Agriculture data showed.
Still, June’s numbers were the highest monthly beef export volume of the year, which helped ease some of bear sentiment that has had cattle futures roiling since late last week, said Karl Setzer, partner at Consus Ag Consulting.
“These cattle markets just keep going back and forth, back and forth,” Setzer said.
Total pork exports for June slumped to a four-year low, largely due to reduced Chinese demand, Setzer said.
CME October lean hog futures LHV24 ended down 1.825 cents at 74.575 cents per pound.
