Chicago cattle futures continued to climb on Monday after reports on Friday showed a smaller herd than expected. Hogs settled mostly higher.
Most-traded October live cattle contracts closed at 224.775 cents per pound, up 1.625 cents. August live cattle settled at 227.875 cents a pound, up 1.400 cents.
Most-active August feeder cattle futures settled at 333.525 cents a pound, up 2.150 cents. September feeders gained 2.350 cents to close at 334.550 cents per pound.
Choice boxed beef was valued at $367.73 per cwt, a gain of $1.05. Select boxed beef closed at $346.85 per cwt, up $1.98.
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U.S. corn futures hit a two-week low on Monday and soybeans also fell as market players continued to brace for large crops and forecasts called for milder, non-threatening weather in the Midwest production belt.
The USDA reported on Friday that the nation’s cattle herd was 94.2 million head as of July 1, a record low for that date. A separate report showed two per cent fewer cattle in U.S. feedlots compared to a year earlier. Analysts polled by Reuters had anticipated 0.8 per cent fewer cattle.
Most-active October lean hog contracts closed at 90.875 cents a pound, up 0.275 cents. December lean hogs settled at 82.900 cents, up 0.650 cents a pound.
Pork carcass cutout value FOB plant sat at $118.29 per cwt, down $0.57 in the USDA’s afternoon report.
—With files from Reuters. Prices quoted in USD.
