Chicago cattle and lean hog futures ended mixed on Wednesday even as consumer demand remained strong ahead of Memorial Day.
Most active August live cattle contracts closed at 207.850 cents, down 0.075 cents per pound. June live cattle gained 0.200 cents to settle at 213.175 cents a pound.
Most active August feeder cattle settled at 297.500 cents a pound, up 0.025 cents. September feeders closed at 296.200 cents, down 0.125 cents per pound.
Choice boxed beef leapt to $360.44 per cwt, a gain of $5.63. Select boxed beef gained $1.01 per cwt to settle at $345.12, according to the USDA’s afternoon report.
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U.S. livestock: Cattle futures slip on demand concerns as beef prices turn lower
Chicago Mercantile Exchange cattle futures dipped on Tuesday as gains fueled by tight cattle supplies and strong demand faded amid concerns that high beef prices and cooling weather could soon affect retail meat sales, analysts said.
Traders said they are anticipating that boxed beef prices may soon show signs of easing, as grocery and restaurant demand for higher-priced beef cuts slow ahead of the Memorial Day holiday weekend, and buyers turn their attention to stocking up for Father’s Day grilling.
Most active July lean hog contracts closed at 103.550 cents a pound, down 0.025 cents. June lean hogs gained 0.775 cents to settle at 100.025 cents a pound.
Pork carcass cutout value lost $0.57 per cwt to settle at $100.52 per cwt.
—With files from Reuters. Values reported in U.S. dollars.
