Chicago cattle futures fell on Thursday ahead of the USDA’s semi-annual cattle inventory report. Hog futures were mixed.
Most-traded April live cattle contracts settled at 237.275 cents a pound, down 1.450 cents. June live cattle closed at 233.275 cents per pound, down 1.175 cents.
Most-active March feeder cattle futures closed at 365.125 cents a pound, down 0.725 cents. April contracts closed at 363.225 cents per pound, down 1.075 cents.
Read Also
Pay more attention to South American corn
Brazil’s massive soybean crop may be grabbing the headlines, but there should be more attention on the difficulties with the country’s corn crop, said analyst Michael Cordonnier of Soybean and Corn Advisor Inc.
Choice boxed beef ended the afternoon at $367.66 per cwt, down $2.08 from Wednesday. Select beef sank by $2.85 to $360.72 per cwt the USDA reported.
The USDA is set to release its semi-annual cattle inventory report on Friday. Analyst Christopher B. Swift wrote that he was not expecting much for further declines in cattle numbers. If anything, he said, he expected a “minor surprise” or a one per cent increase in the cattle herd.
Most-active April lean hog contracts closed at 95.450 cents a pound, up 0.300 cents. February lean hogs lost 0.250 cents to settle at 87.700 cents per pound.
Pork carcass cutout value settled at 93.43 per cwt, down $1.62, the USDA reported.
