Chicago | Reuters — Chicago Mercantile Exchange cattle futures rose for the 11th session in a row on Monday, hitting their highest in more than seven years as tight supplies continued to fuel a rally.
Strength in the cash market added to the gains in cattle futures.
But surplus supplies weighed on the hog markets, with the most-active April contract sinking to its lowest in more than a year.
CME benchmark April live cattle futures settled up 0.35 cent at 164.475 cents/lb. after peaking at a new contract high of 164.575 cents (all figures US$). April live cattle has hit a contract high for three sessions in a row.
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
Front-month February live cattle ended up 0.55 cent at 160.825 cents after hitting its contract high of 161 cents.
On a continuous basis, the front-month live cattle contract hit its highest since April 30, 2015.
CME feeder cattle futures closed higher as well, with the March contract finishing up 1.6 cents at 187.7 cents/lb.
The front-month feeder cattle contract hit its highest on a continuous basis since Nov. 4, 2015.
Most-active April hogs dropped 3.75 cents to 82.725 cents per pound, bottoming out at their lowest since Dec. 22, 2021. June hogs finished down 2.75 cents at 100.55 cents.
“Hog supplies went from underwhelming around the holidays to overwhelming these past four weeks,” brokerage StoneX said in a research note.
In the beef market, USDA on Monday priced choice cuts at $266.36 per hundredweight (cwt), up $1.62 from Friday. Select cuts were $1.70 higher, at $253.31/cwt.
— Reporting for Reuters by Mark Weinraub in Chicago.
