Chicago | Reuters — Chicago Mercantile Exchange feeder cattle futures gained on Monday, supported by consumer demand and continued tightening of available cattle, analysts said.
“I think we probably did get a little help here from retail movement over the last week,” said Alan Brugler, president of Brugler Marketing, noting the Labour Day holiday is traditionally the last big barbecue weekend of the summer.
Most-active October feeder cattle jumped 3.05 cents, to 257.025 cents/lb., while October live cattle inched up 0.375 cents, to 181.55 cents/lb. (all figures US$).
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Boxed beef prices eased after strong gains last week, with choice cuts drifting 86 cents lower to $317.04/cwt, while select cuts slipped 58 cents, to $292.09/cwt.
Cash cattle trade was steady in the northern Plains at $185/cwt, while the southern Plains were steady at $179/cwt, according to the U.S. Department of Agriculture.
Cattle processors slaughtered 125,000 head, up 8.7 per cent from the same period a year ago, USDA said.
Meanwhile, CME lean hog futures gained for a fourth consecutive session, supported by consumer demand ahead of the Labour Day holiday, Brugler said.
“(Pork) bellies were back up today,” he said. “They got hammered on Friday.”
The most-active October futures firmed 2.025 cents, to 81.85 cents/lb.
Wholesale pork carcass cutout added $2.63, to $96.05/cwt.
Pork processors slaughtered 476,000 head, up 5,000 from the same day last week but down 1.24 per cent versus the same period last year, USDA said.
The CME’s Lean Hog Index, a two-day weighted average of cash prices, last fell to 95 cents/lb.
— Christopher Walljasper reports on agriculture and ag commodities for Reuters from Chicago.
