Most Chicago cattle futures settled with small gains after trading near highs earlier on Wednesday. Lean hogs closed slightly down.
Most-active October live cattle contracts closed at 229.425 cents a pound, up 0.400 cents. December live cattle settled at 231.400 cents a pound, up 0.500 cents.
Most-traded September feeder cattle futures closed at 346.625 cents a pound, up 0.375 cents. October feeders settled at 345.625 cents per pound, up 0.475 cents.
Choice boxed beef slipped back by $0.09 to $390.49 per cwt, the USDA reported on Wednesday afternoon. Select boxed beef was valued at $367.96 per cwt, up $2.32.
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Most-active October lean hog futures settled at 90.775 cents a pound, down 0.825 cents. December lean hogs closed at 83.050 cents a pound, down 0.750 cents.
Pork carcass cutout value was reported at $116.50 per cwt, up $1.80.
The USDA reduced its forecast for 2025 red meat and poultry production in its August 12 edition of the World Agricultural Supply and Demand Estimates (WASDE).
Forecasted annual beef production was lowered to 25,926 million pounds from 26,188 million pounds in July. This was based on reduced cattle slaughter and lighter dressed weights, the USDA said.
Predicted annual pork production was reduced to 27,747 million pounds from 28,041 million pounds in July. This was based on official data from the first half of the year, slower slaughter rates and reduced dressed weights in the third and fourth quarters.
Cattle prices for 2025 were raised for the second half of the year based on recent price strength and resilient beef demand. Forecasts for hog prices were also raised with increases expected into 2026 on tighter supplies.
