Most Chicago Mercantile Exchange cattle futures fell on Friday. Lean hog contracts also dipped.
Most-traded April live cattle futures settled at 236.800 cents a pound, down 0.475 cents. February contracts gained 0.350 cents to close at 235.850 cents.
Most-active March feeder cattle closed at 359.825 cents a pound, down 4.850 cents. April futures lost 4.950 cents to settle at 357.700 cents per pound.
Read Also
U.S. grains: Chicago grain prices fall amid profit-taking and dollar rebound
Chicago | Reuters – Chicago corn, soybean and wheat futures fell on Friday, pressured by profit-taking and a rebound in…
Choice boxed beef sank by $2.10 to $365.56 per cwt, the USDA reported on Friday afternoon. Select beef gained $1.22 to hit $361.94 per cwt.
The U.S. cattle herd dwindled to its smallest size since 1951, the U.S. Department of Agriculture said on Friday, signaling that beef prices could go higher for consumers after setting records last year.
The nation had a total of 86.2 million cattle and calves as of January 1, the USDA said in a biannual report, after a persistent drought drove ranchers to slash their herds. That was down 0.4 per cent from a year earlier, when the herd also hit its lowest level since 1951.
“In my opinion, the inventory report showed us pretty much what was expected. That being, liquidation has been halted with fledgling signs of expansion,” wrote analyst Christopher B. Swift.
Most-active April lean hog futures closed at 95.250 cents per pound, down 0.300 cents. February lean hog contracts lost 0.450 cents to settle at 87.372 cents a pound.
The USDA reported pork carcass cutout value at $94.22 per cwt, up $0.79, on Friday afternoon.
-With files from Reuters
