Cattle futures on the Chicago Mercantile Exchange held close to unchanged on Thursday, with the bias lower in the most active months.
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- The February live cattle contract lost 0.725 cents per pound at 232.375 cents. Feeder cattle were down 0.100 cents in the March contract at 359.275 cents per pound.
- The United States Department of Agriculture’s monthly cattle on feed report will be released after the markets close on Friday. Analysts are expecting declines in both new placements and the total amount of cattle in feedlots.
- Tight cattle supplies in the U.S. and expectations for rising beef demand remained supportive, according to analysts.
- Extreme cold in the forecast for much of the U.S. Plains may stress livestock in the region. Ice and snow is also expected to disrupt transportation.
- The USDA reported wholesale boxed beef prices were mixed, with choice boxes up $1.34 at $367.45 per hundredweight and select boxes down $0.72 at $361.73/cwt.
- Lean hog prices were stronger on Thursday, hitting new contract highs in some of the deferred months. The nearby February futures were up 0.625 cents per pound at 88.475 cents per pound, while the April futures were up 0.750 cents at 96.350 cents per pound.
