8 August 2024

2 minute read

By: Global Ag Media

North America

Chicago Mercantile Exchange (CME) live cattle futures were mixed on Wednesday, and feeder cattle turned lower, as the US dollar continued to recover and livestock traders remained uneasy about the health of the global economy, Reuters reported, citing market analysts.

But weakness in the Chicago grains futures markets gave cattle some support on the day, traders said.

Most-active October live cattle finished 0.225 cent higher at 179.275 cents per pound, as it inched off the lowest prices seen in nearly three months on Monday.

CME feeder cattle futures remained under pressure, hovering at levels not seen since December. Most-active September feeders closed down 1.675 cents at 238.900 cents per pound.

Prices in the cash cattle market are expected to ease on limited trade this week, traders said: One trade in Iowa was reported at around $193 per hundredweight (cwt), and another in Texas at $185 per cwt.

US beef exports in June were up nearly 1.8% compared to May, but down nearly 2.4% compared to the same time a year earlier, US Department of Agriculture data showed.

Still, June's numbers were the highest monthly beef export volume of the year, which helped ease some of bear sentiment that has had cattle futures roiling since late last week, said Karl Setzer, partner at Consus Ag Consulting.

"These cattle markets just keep going back and forth, back and forth," Setzer said.

Total pork exports for June slumped to a four-year low, largely due to reduced Chinese demand, Setzer said.

CME October lean hog futures ended down 1.825 cents at 74.575 cents per pound.