Chicago | Reuters — Chicago Mercantile Exchange cattle futures rose on Tuesday, supported by good export prospects and strength in the cash market, traders said.
Hog futures firmed on a technical bounce.
U.S. beef processors on Tuesday slaughtered an estimated 126,000 cattle, up from 121,000 a year ago, the U.S. Department of Agriculture said. Hog slaughter was reported at 479,000 compared to 483,000 last year.
CME June live cattle rose 0.9 cent to settle at 133.725 cents (all figures US$).
The most-active August live cattle gained 1.225 cents, to 134.125 cents.
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CME August feeder cattle rose 0.475 cent, to 172.45 cents/lb.
Most-active July lean hog futures firmed by 0.3 cent to 109.275 cents/lb. Support for the contract was noted at its 20-day moving average. July hogs rose above their 30-day moving average during the session but hit resistance at their 10-day moving average.
Carcass values in the U.S. pork cutout fell by 96 cents, to $107.83/cwt, while belly values gained $3.26, to $165.58/cwt, USDA said.
Prices for choice cuts of boxed beef were reported at $271.42/cwt on Tuesday afternoon, up $1.84 from a day earlier, while select cuts fell $1.53, to $249.56/cwt.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
