US: Cattle and hog futures find support heading into midweek

Published 2023년 2월 21일

Tridge summary

The Chicago Mercantile Exchange reported higher closures for live and feeder cattle, influenced by increased boxed beef prices and anticipated business later in the week. Despite quiet direct cash cattle trade activity, the USDA reported good demand with a nice offering of steer and heifer calves. Boxed beef prices saw a significant increase due to solid demand. Lean hog futures also ended higher, supported by stronger pork values. Cash hogs closed higher with processors becoming more aggressive in their procurement efforts. However, pork values closed sharply lower, with only picnics and hams experiencing higher prices. Estimated cattle and hog slaughter numbers increased compared to the previous week.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At the Chicago Mercantile Exchange, live and feeder cattle ended the day higher, supported by the recent strength in boxed beef prices, getting ready for the week’s direct business, and Friday’s On Feed numbers from the USDA. April live cattle closed $.45 higher at $165.10 and June live cattle closed $.75 higher at $160.87. March feeder cattle closed $.35 higher at $186.87 and April feeder cattle closed $.35 higher at $190.80. It was another quiet day for direct cash cattle trade activity. Bids didn’t surface. Asking prices were around $164-plus live in the South, while the North was not established. If this week follows the trend of recent weeks, significant trade volume will likely be delayed until sometime Thursday or Friday. Showlists this week are mixed – higher in Texas, somewhat higher in Kansas, but lower in Nebraska and Colorado. There were a handful of deals reported in the North on Monday at $257 dressed and $156 live, but not near enough sales to establish a trend ...

Source: Brownfield Ag