Chicago | Reuters – Chicago Mercantile Exchange cattle futures rebounded on technical buying on Friday, though declining wholesale beef prices and weaker cash markets have weighed on prices, analysts said.
CME December live cattle LCZ25 rose 1.025 cents to end at 234.50 cents per pound. CME November feeder cattle FCX25 rose 3.025 cents to end at 355.425 cents per pound.
CME December hogs LHZ25 closed 0.625 cent higher to end at 87.3 cents per pound. A lack of buying interest has weighed on lean hog futures.
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U.S. soybean futures closed lower on Friday as pressure from a fast-advancing U.S. harvest offset early-session support from hopes that upcoming U.S.-China talks could revive stalled soybean trade.
Wholesale beef prices have mostly continued a seasonal decline. The U.S. Department of Agriculture reported choice cuts of beef fell 95 cents to $362.27 per hundredweight as of Friday afternoon. Select cuts rose by $1.98 to $345.38 per cwt.
Commodity markets may be left with limited USDA data in the coming days after a U.S. government shutdown started on Wednesday, amid political deadlock over short-term funding measures.
