Chicago cattle futures made gains on Wednesday while hogs fell back.
Most-active April live cattle closed at 238.725 cents a pound, up 1.325 cents. June contracts settled at 234.450 cents per pound, a gain of 1.200 cents.
Most-traded March feeder cattle contracts gained 3.850 cents to settle at 365.850 cents per pound. April contracts closed at 364.200 cents per pound, up 3.650 cents.
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Choice boxed beef was valued at $369.74 per cwt on Wednesday afternoon the USDA reported – up $1.63 from Tuesday. Select boxed beef fell by $1.62 to $363.57 per cwt.
“A tremendous amount of cattle have changed hands in the month of January so far,” wrote analyst Chris Swift. “
“The shifts that started with consumers moving to hamburger meat, then grocers and restaurants ratcheting up prices, packers reducing slaughter rates, and now cattle feeders placing fewer cattle on feed, suggests the rationing has fallen squarely on the shoulders of backgrounders and the sectors underneath,” Swift said.
Most-active April lean hog contracts closed at 95.150 cents a pound, down 1.675 cents. February lean hogs settled at 87.950 cents a pound, down 1.100 cents.
The USDA reported pork carcass cutout value at $95.05 per cwt, down $0.64.
