Chicago | Reuters — Chicago Mercantile Exchange cattle futures ended firm on Thursday as corn futures sank to a nine-month low.
Falling corn prices raised prospects for reduced feeding costs, traders said.
Hog futures weakened, pressured by a round of profit taking after hitting their highest since April 4.
The gains in cattle were kept in check by weak export data and profit taking by speculators.
CME’s most-active June live cattle contract gained 0.625 cent, to 165.2 cents (all figures US$). The front month April live cattle contract gained 0.925 cent, to 175.45 cents/lb.
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CME April feeder cattle were flat at 202.675 cents/lb. Most-active August feeder cattle gained 0.625 cent to 231.575 cents.
The August, September, October, November, January and March feeder cattle contracts all hit new highs during the session.
CME May lean hogs dropped 0.15 cent to 78.125 cents/lb. June lean hogs dipped 0.175 cent to 90.1 cents/lb.
The U.S. Agriculture Department earlier on Thursday said that export sales of beef totaled 9,500 tonnes in the week ended April 20, down from 19,100 tonnes a week earlier.
Weekly pork export sales rose to 54,000 tonnes, a marketing year high for 2022/23, from 36,100 tonnes.
— Reporting for Reuters by Mark Weinraub in Chicago.
