August lean hogs make gains - CME
Live cattle markets firm
20 July 2023
1 minute read
By: Chicago Mercantile Exchange (CME) live cattle edged higher on Wednesday, with tight US supplies keeping prices near contract highs, reported Reuters.
A lack of fresh fundamental inputs limited the gains.
August live cattle futures settled up 0.05 cent at 181.325 cents per pound, ending just below the contract high of 181.875 cents it set during Wednesday's trading session. October live cattle rose 0.175 cent to end at 183.725 cents per pound, its highest close on record.
August feeder cattle fell 1.2 cents to 246.8 cents per pound. August lean hogs gained 1.65 cents to 97.925 cents per pound.
In the wholesale market, prices for select cuts of boxed beef fell 65 cents to $275.96 per hundredweight (cwt), while prices for choice cuts were $1.09 lower at $303.59 per hundredweight, the US Department of Agriculture (USDA) said.
Meatpackers were losing $34.20 for each head of cattle they processed, compared to profits of $14.50 a week ago, according to HedgersEdge.com.
The USDA will provide a supply update on Friday when it issues a bi-annual inventory report and separate monthly data about the number of cattle on feed. Analysts surveyed by Reuters estimated there were 2.3% fewer cattle on feed on July 1 compared to a year earlier.
