Chicago cattle futures hit fresh highs on Monday while hogs made small gains.
Most-active October live cattle contracts settled at 221.625 cents a pound, up 1.800 cents. August live cattle closed at 225.225 cents per pound, a gain of 1.675 cents.
Most-traded August feeder cattle futures closed at 327.600 cents per pound, up 3.600 cents. September feeders settled at 327.700 cents a pound, up 3.500 cents.
Choice boxed beef, meanwhile, was reported at $372.07 per cwt on Monday afternoon—down $1.48. Select boxed beef lost $1.44 to close at $350.05 per cwt.
Most-active October lean hog contracts closed at 90.975 cents a pound, up 0.100 cents. August lean hogs settled at 107.350 cents per pound, up 0.875 cents.
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Pork carcass cutout value was reported at $119.52 per cwt in the USDA’s afternoon report, up $1.73.
Brazil’s finance minister, Fernando Haddad said on Monday that a trade deal may fail to be reached by the beginning of August—the date on which U.S. President Donald Trump’s 50 per cent tariffs on Brazilian goods are due to take effect.
Haddad said Brazil has continency plans and could ultimately redirect more than half of its current U.S. exports to other markets.
The U.S. is Brazil’s second-largest buyer of beef products.
—With files from Reuters. Prices in USD.
