Chicago | Reuters — U.S. live cattle futures edged higher on Friday, with low animal weights supporting prices that hit their highest in nearly eight years earlier this week.
“It’s a trend that doesn’t get reversed quickly, and likely sets us up for lighter weights well into the spring,” brokerage StoneX wrote in a note to clients.
Hog futures were steady, with uncertainty about pork demand hanging over the market.
CME benchmark April live cattle futures gained 0.325 cent to 163.95 cents/lb., while front-month February live cattle gained 0.375 cent to 161.2 cents (all figures US$).
CME March feeder cattle futures dipped 0.425 cent, to 186.4 cents/lb.
Most-active April hogs were unchanged at 83.325 cents/lb., while June hogs also were flat at 101.65 cents.
June hogs found technical support near the low end of their 20-day Bollinger range.
Beef prices remained strong, with select cuts rising by 28 cents, to $254.29/cwt, while choice cuts were 37 cents higher at $269.66, according to U.S. Agriculture Department data.
— Reporting for Reuters by Mark Weinraub in Chicago.
