Chicago Mercantile Exchange (CME) cattle futures turned solidly higher Wednesday while lean hogs mostly continued lower.
Most-active December live cattle closed 1.975 cents higher Wednesday at 186.975 cents/lb., erasing two days’ losses, but not before touching a one-month low of 184.25 (all figures US$).
Both front-month October 2023 and February 2024 turned 1.925 cents higher, meanwhile, at 184.5 and 191.25 cents/lb. respectively.
CME feeder cattle futures also rose on the day, with most-active November up 1.65 cents at 252 cents/lb. and front-month October up 2.225 cents at 250.175.
The U.S. Department of Agriculture on Monday estimated beef production for the week ended Oct. 5 at 519.2 million pounds, up 14.1 million pounds on the week but down from 554.6 million for the same week in 2022.
CME’s front-month October lean hogs turned upward 0.2 cent at 82.15 cents/lb., while deferred months continued lower for a third day, with most-active December down 1.45 cents at 69.975. — Glacier FarmMedia Network
