Glacier FarmMedia | MarketsFarm – Cattle contracts on the Chicago Mercantile Exchange made small gains on Friday, providing little relief at the end of a tough week.
The August live cattle contract gained US$0.900 per hundredweight to close at US$206.750. Meanwhile, August feeder cattle saw an increase of US$1.775/cwt. to end the day at US$297.600. However, sharp losses on Wednesday resulted in the shedding of nearly US$3 in both contracts compared to a week earlier.
The United States Department of Agriculture reported a rise in wholesale boxed beef prices on Friday afternoon, with choice boxes up US$2.59/cwt at US$352.49 and select boxes showing an increase of US$3.21/cwt at US$342.39.
July lean hogs rose to its highest level since Feb. 18, moving up US$0.050/cwt. at US$104.175, while recording a weekly gain of US$3.75/cwt.
