Cattle futures on the Chicago Mercantile Exchange were mixed on Tuesday, seeing continued strength in the front months at the close while edging lower in the more deferred contracts.
After hitting fresh contract highs on Monday, the feeder market was thought to be due for a correction from a chart standpoint. However, forecasts calling for another blast of winter weather from Kansas and Iowa through to Wisconsin provided support — with heavy snows expected.
April feeder cattle futures were up by 0.350 cents per pound at 284.550 cents per pound, while the May contract was down by 0.050 cents per pound at 285.250 cents.
The April live cattle contract was up by 0.350 cents per pound at 205.375 cents at the close, while the May contract lost 0.075 cents at 201.000 cents.
The U.S. Department of Agriculture reported wholesale boxed beef prices were stronger on Tuesday, with choice boxes up $2.16 at $323.32 per hundredweight and select boxes up $1.33 at $309.23.
Lean hog prices were weaker, with the April contract down 0.475 cents per pound at 87.600 cents.
