Chicago Mercantile Exchange cattle futures made modest gains on Wednesday while boxed beef values climbed on steady consumer demand.
Most active June live cattle futures settled at 203.025 cents a pound, up 0.700 cents. April live cattle closed at 207.075 cents per pound, also up 0.700 cents.
Most active May feeder cattle settled at 285.175 cents, up 1.050 cents a pound while August feeders closed at 288.800 cents a pound, up 0.825 cents.
Choice boxed beef gained $3.11 per cwt to close at $338.30, the USDA reported. Select beef settled at $316.53 per cwt, up $2.48.
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As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
Since Monday’s close, choice boxed beef has gained upward of $10 per cwt, the highest value since 2021, and the highest for any March, wrote analyst Cassie Fish.
“This rally is improving packer margins hourly and though it may be early from a seasonal perspective to maintain such powerful velocity, it is 2025, the year that continues to contain multiple surprises,” said Fish.
“Consumer confidence may be eroding, but there is no pushback yet on wholesale beef prices.”
Lean hogs also climbed, with most active June contracts settling at 96.550 cents a pound, up 0.300 cents. April lean hogs closed at 87.550 cents, up 0.900 cents a pound.
Pork carcass cutout value settled at $95.65 per cwt, for a lost of $1.90, the USDA reported.
—Prices reported in U.S. dollars
