Live cattle futures rise on strong beef prices - CME
Hog futures end mixed
27 December 2024
2 minute read
By: Chicago Mercantile Exchange (CME) live cattle futures rose on Thursday on strong wholesale beef prices and bullish chart signals, Reuters reported, citing traders.
February live cattle settled up 2.725 cents at 190.100 cents per pound, breaking through chart resistance at the contract's 20-day moving average for the first time in a week.
CME January feeder cattle futures finished up 3.450 cents at 259.300 cents per pound and March feeders jumped 4.500 cents to end at 259.500 cents a pound.
Firm beef prices set the tone, along with stabilising US equity markets that raised optimism about consumer demand for pricey cuts of beef. The Dow Jones Industrial Average closed fractionally higher, stretching its winning streak to five sessions despite light post-Christmas trading volumes.
The US Department of Agriculture (USDA) priced choice cuts of boxed beef on Thursday afternoon at $320.39 per hundredweight (cwt), up $4.41 from its last report on Tuesday and close to a two-month high set last week. Select cuts rose to $288.77 per cwt, up $2.02.
The government reported Thursday's slaughter at 119,000 head of cattle, down from 121,000 a week ago and 124,756 head a year ago, slowed by this week's Christmas holiday and negative profit margins for beef packers.
CME lean hog futures closed narrowly mixed, with benchmark February futures settling down 0.200 cent at 84.200 cents per pound while April hogs ended 0.075 cent higher at 89.250 cents.
The USDA was scheduled to release its weekly export sales report on Friday, a day later than normal due to this week's federal holiday.
