Chicago Mercantile Exchange (CME) live cattle futures ended firm on Tuesday, with the front-month contract hitting its highest in more than eight years as tight supplies continued to underpin the market, Reuters reported. Hog futures ended mixed. Expectations for strong cash prices for the next few months due to tight supplies supported cattle futures. Thinly traded February live cattle futures jumped 2.5 cents to 167.5 cents ahead of its expiration.
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The contract's final settlement price was the highest for the front-month contract since Dec. 3, 2014. Most-active April live cattle closed 0.5 cent higher at 165.475 cents per pound. Wholesale boxed beef prices were steady to firm. Choice cuts were priced at $288.95 per cwt on Tuesday afternoon, up 61 cents from a day earlier, according to US Department of Agriculture data. Select cuts were unchanged at $279.25 per cwt. CME March feeder cattle futures settled 0.625 cent higher at 189.8 cents per pound. The front-month contract hit its highest since November 2015 during the session. ...
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