Chicago live cattle futures slipped on Monday while feeder and lean hog contracts eked out gains.
Most-traded August live cattle contracts settled at 209.375 cents a pound, down 0.450 cents. October live cattle closed at 207.100 cents a pound, down 0.250 cents.
Most-active August feeder cattle futures closed at 302.800 cents per pound, up 0.350 cents. September feeders settled at 302.625 cents per pound, up 0.400 cents.
Choice boxed beef was valued at $390.22 per cwt, down $0.28 the USDA reported. Select boxed beef closed at $383.10 per cwt, up $6.15.
Cash cattle and beef market fundamentals weakened somewhat toward the end of last week with cash cattle and wholesale beef prices weaker or mixed on Friday afternoon, wrote analyst Jim Wyckoff. Friday afternoon’s cattle on feed report showed U.S. cattle on feed down one per cent, which is still bullish for the long term, he added.
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“Risk appetite in the general marketplace is likely to play a significant role in cattle futures trading in the near term,” Wyckoff said. “A major escalation in the Israel-Iran war that has now drawn the U.S. into military action over the weekend is likely at least initially stock-market bearish, and if risk aversion remains elevated for a longer period, it may lead to eroding consumer confidence and potentially less consumer demand for beef at the meat counter.”
Over the weekend, traders were also closely monitoring scorching heat on the U.S. plains, he added.
Most-active August lean hog contracts closed at 113.050 cents a pound, up 0.600 cents. October lean hogs settled at 96.875 cents a pound, up 0.850 cents.
Pork carcass cutout value ended the day at $122.78 per cwt, up $0.64.
