Chicago cattle futures fell back on Tuesday. Hogs continued to slide.
Most-active December live cattle futures closed at 227.775 cents a pound, down 4.425 cents. February contracts lost 5.025 cents to settle at 225.375 cents per pound.
Most-active January feeder contracts lost 7.300 cents to close at 329.225 cents a pound. March feeders settled at 324.925 cents a pound, down 7.600 cents.
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Choice boxed beef fell by $1.67, ending the afternoon at $377.58 per cwt, the USDA reported. Select beef closed at $361.25 per cwt, up $1.32.
Most-traded December lean hog futures closed at 79.925 cents per pound, a loss of 0.675 cents. February contracts settled at 80.925 cents a pound, down 1.275 cents.
Pork carcass cutout value fell by $2.48 to end the afternoon at $99.17 per cwt.
Livestock producers are increasingly optimistic about their future according to a survey from Purdue University and the CME Group, the Wall Street Journal reported on Tuesday.
“In its monthly Ag Economy Barometer, the group reports an improvement in farmer sentiment, driven largely by a more-optimistic view on current conditions among livestock producers,” it said.
