Chicago cattle and hog futures rallied on Wednesday ahead of the American Thanksgiving holiday.
Most-active February live cattle contracts closed at 212.925 cents a pound, up 5.600 cents. April futures gained 5.675 cents to settle at 214.250 cents a pound.
Most-traded January feeder cattle futures gained 8.050 cents to close at 315.125 cents a pound. March contracts settled at 309.050 cents a pound, up 8.175 cents.
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On Monday, cattle futures ended limit down. Tuesday’s trading day was mixed.
“Yesterday’s trade and Monday’s trade combined – to me that is kind of a sign that a lot of the froth that was in this market at these highs from potentially overleveraged fund positions has been alleviated and now we can get back to trading some sort of a normal market, here, in the near term,” said analyst Oliver Sloup of Blue Line Futures.
Choice boxed beef lost $1.81 to close at $368.28 per cwt, the USDA reported. Select beef lost $0.42 to end the afternoon at $355.51 per cwt.
Most-active February lean hog futures settled at 81.375 cents a pound, up 2.375 cents. December contracts gained 1.975 cents to settled at 80.425 cents a pound.
The USDA reported pork carcass cutout value at $94.25 per cwt, up $2.00.
