Chicago | Reuters — CME Group cattle futures rose for a third day in a row on Friday, with the front-month live cattle contract hitting a fresh 4-1/2-year high on strong cash markets and rising slaughter numbers.
Hog futures were weaker on technical selling.
CME’s most-active February live cattle contract gained 0.45 cent to 137.7 cents/lb. (all figures US$). The spot December contract rose 0.375 cent to close at 133.525 cents/lb.
CME January feeder cattle futures dropped 0.45 cents to end at 160.925 cents/lb.
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U.S. livestock: Cattle futures come down from highs
Cattle futures on the Chicago Mercantile Exchange were weaker on Monday, coming down from recent highs.
After the close, the U.S. Department of Agriculture (USDA) said that the amount of cattle on feed as of Nov. 1 was 100 per cent of the year-ago total. Analysts had been expecting 98.8 per cent.
Cattle marketings during October were 95 per cent of the year-ago total and placements were 102 per cent. Analysts had been expecting 96.3 and 102.2 per cent, respectively.
USDA reported a daily cattle slaughter of 121,000 head, up from 115,000 a week ago and 116,000 a year ago.
Wholesale boxed beef prices were weaker, with choice cuts rising $1.90, to $278.06/cwt, and select cuts gaining $1.15, to $264.31/cwt, on Friday morning.
CME December lean hogs fell 1.35 cents, to 73.75 cents/lb., and February hogs ended 0.825 cent lower at 82.475 cents.
— Reporting for Reuters by Mark Weinraub in Chicago.
