A mission representing the U.S. Department of Agriculture (USDA) will travel to Mexico in the coming days, Mexico's agriculture ministry said on Tuesday, and could then lift its suspension of Mexican cattle imports.
Improving feedlot margins contributed to the stronger feeder market. Alberta packers were buying finished cattle on a dressed basis at $500/cwt delivered which was fresh record high. Using a 60 per cent grading, this equates to a live price of $300/cwt. Feedlot breakeven pen closeouts are in the range of $260-$270/cwt. Feedlots are anxious to reload and larger groups of quality packages are limited at this time of year.
Chicago cattle futures were mixed on the eve of the Memorial Day weekend as this month's cattle on feed report showed a decline in inventory. Hogs fell.
Chicago Mercantile Exchange live cattle turned higher on Thursday, as traders adjusted their positions ahead of the Memorial Day holiday weekend and wholesale prices continued to rise on consumer beef demand, market analysts said.
Chicago Mercantile Exchange live cattle firmed on Wednesday as wholesale prices continued to rise and consumer demand for beef has stayed strong amid the U.S. grilling season, market analysts said.