Chicago | Reuters – Chicago Mercantile Exchange cattle futures rose to their highest in more than seven weeks on Tuesday, with traders noting follow-through buying after the market rallied on Monday.
Concerns about supplies and strength in the cash market underpinned cattle futures.
CME December live cattle futures settled up 1.925 cents at 131.45 per pound. The contract peaked at 131.625, its highest since Sept. 7, during the session.
In feeder cattle, the most-active January contract rose 2.025 cents to settle at 160.6 cents per pound.
The U.S. Agriculture Department on Tuesday said that choice cuts of beef rose $2.38 to $283.04 per hundredweight (cwt), their highest since Oct. 8.
CME lean hog futures closed lower, with the front-month contract hitting its lowest on a continuous basis since Feb. 9.
The benchmark December contract dropped 1.625 cent to 72.575 cents per pound. February lean hogs closed the day down 1.625 cents at 75.15 cents per pound.
