Chicago | Reuters — CME Group cattle futures rose on Thursday, with the front-month live cattle contract hitting its highest since June 2017 on support from strength in the cash markets.
Rising overseas demand also lent support cattle futures after the U.S. Agriculture Department said that weekly beef export sales totaled 30,000 tonnes, the most since the week ended May 20.
CME’s most-active February live cattle contract gained 0.85 cent, to 137.25 cents/lb. (all figures US$). The spot December contract rose 0.925 cent to close at 133.15 cents/lb.
CME January feeder cattle futures rose 2.45 cents to end at 161.375 cents/lb.
Wholesale boxed beef prices were weaker, with choice cuts dropping $1.90, to $276.57/cwt, and select cuts losing $1.15, to $262.91/cwt, on Thursday morning.
CME December lean hogs fell 1.075 cents, to 75.1 cents/lb., and February hogs ended up 0.15 cent at 83.3 cents.
USDA said that pork export sales totaled 30,100 tonnes, down from 36,900 tonnes a week earlier.
— Reporting for Reuters by Mark Weinraub in Chicago.
