Chicago cattle futures closed sharply up on Monday while lean hog futures were mixed.
“Two large trades were seen at two different levels in the feeder cattle market, suggesting this may have been a short covering rally,” wrote analyst Christopher B. Swift.
Most-active November feeders closed at 360.800 cents a pound, up 5.375 cents. January feeder contracts settled at 355.200 cents per pound, a gain of 5.475 cents.
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Most-traded December live cattle futures settled at 236.675 cents a pound, up 2.175 cents. February live cattle closed at 239.625 cents a pound, up 2.800 cents.
Choice boxed beef rose by $1.07 per cwt to end the afternoon at $363.34 per cwt, the USDA reported. Select beef was up $2.59 at $347.97 per cwt.
Most-active December lean hog futures closed at 87.275 cents a pound, down 0.025 cents. February lean hogs rose by 0.250 cents to settle at 89.550 cents a pound.
The USDA put pork carcass cutout value at $107.35 cents a pound, down $0.95.
