Chicago cattle futures eked out gains on Wednesday after the previous day’s sharp drop.
Most-active August live cattle closed at 211.675 cents a pound, up 1.025 cents. October live cattle contracts settled at 209.225 cents per pound for a gain of 0.675 cents.
Most-traded August feeder cattle futures settled at 304.175 cents, up 0.825 cents a pound. September feeders closed at 303.800 cents a pound, up 0.900 cents.
Choice boxed beef gained $2.36 to end the day at $388.87 per cwt. Select boxed beef was valued at $372.74 per cwt, up $0.20, the USDA reported.
The Cattle Range predicted U.S. cattle on feed to be 98.8 per cent of what they were a year prior in the USDA’s cattle on feed report, to be released Friday.
It forecasted cattle placements to be 94.2 per cent of one year prior, and marketings to be 90.1 per cent compared to one year ago.
Most-active August lean hogs gained 0.200 cents to close at 112.000 cents a pound. July lean hogs settled at 112.175 cents per pound, up 0.525 cents. October lean hogs lost 0.025 cents to close at 95.150 cents per pound.
Pork carcass cutout value settled at $118.28 per cwt, down $1.61.
