Chicago Mercantile Exchange (CME) cattle futures turned lower for a second trading session on Thursday, even as the tight U.S. cattle supply and strength in the beef cutout values offered support, analysts said.
Chicago Mercantile Exchange (CME) cattle futures turned lower on Wednesday amid news that China has blocked U.S. beef exports coming from a JBS-owned plant in Colorado because traces of the feed additive ractopamine were identified in beef destined for China.
Chicago Mercantile Exchange (CME) cattle futures turned higher on Tuesday on technical trading and market anticipation that packers increase buying on a shortened holiday week, analysts said.
Chicago Mercantile Exchange live cattle futures ended mixed on Friday, amid growing uncertainty over packer interest after the U.S. Memorial Day holiday weekend, traders said.
Chicago Mercantile Exchange lean hog futures slumped to a February low on Thursday under pressure from solid U.S. production and weaker cash prices, traders said.
Chicago Mercantile Exchange live and feeder cattle futures rallied on Wednesday amid expectations of strength in the cash markets, while lean hog futures faced continued pressure from data showing that U.S. packers are processing a glut of pork, analysts said.
Chicago Mercantile Exchange lean hog futures dropped to their lowest level since February under pressure from solid U.S. production on Tuesday, while live cattle futures reached their highest price since March, analysts said.
Wholesale beef prices have jumped this week as retailers and meat processors look ahead to the Memorial Day weekend at the end of the month. The holiday is considered the start of the peak grilling season for products like steaks and hamburgers.
Chicago Mercantile Exchange live cattle futures firmed for a second straight day on Wednesday as rising beef prices and strong packer demand ahead of the Memorial Day holiday weekend supported the market, analysts said.
Chicago Mercantile Exchange live cattle and feeder cattle futures rallied on Tuesday as soaring boxed beef prices fueled hopes for increased demand, analysts said.