Cattle futures on the Chicago Mercantile Exchange were stronger on Tuesday, with cold temperatures hitting the northern U.S. Plains and Corn Belt lending some support to the futures.
The February live cattle contract gained 4.875 cents per pound at 220.005 cents. Feeder cattle were up 8.800 cents in the January contract at 329.875 cents per pound.
The U.S. Department of Agriculture reported wholesale boxed beef prices were weaker, with choice boxes down $4.17 at $364.72 per hundredweight and select boxes down $7.10 at $350.78/cwt.
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Lean hog prices were down 0.125 cents per pound in the February contract at 80.175 cents per pound. Market participants were said to be showing some caution as they digest news of the African swine fever outbreak in Spain. The European country is a major global pork exporter and if the outbreak is not contained it would lead to increased demand for U.S. pork.
