Chicago cattle futures ended mostly up on Wednesday while hogs also gained ground.
Most-active April live cattle closed at 228.375 cents a pound, up 1.475 cents. December futures edged down 0.025 cents to close at 226.800 cents a pound.
Most-traded January feeder cattle futures settled at 338.375 cents a pound, up 2.875 cents. March contracts closed at 332.825 cents, up 2.675 cents a pound.
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Choice boxed beef fell by $1.68 to end the afternoon at $359.36 per cwt. Select beef closed at $344.88 per cwt, down $3.15.
“Cattle feeders appear to have gone backwards today,” wrote analyst Christopher B. Swift. “Feeder cattle, both cash and futures, were higher than the fat market, and boxes broke to a new low from historical high today.”
“Deliveries to the December suggest both sides are willing to make and take delivery. The significance of price expanse may have positioned both buyer and seller in a very profitable position.”
Most-active February lean hog futures closed at 82.425 cents a pound, up 0.550 cents. April contracts settled at 87.375 cents a pound, up 0.850 cents.
The USDA reported pork carcass cutout value at $97.27 per cwt, up $0.83.
