Chicago | Reuters — Chicago Mercantile Exchange livestock futures were mixed on Tuesday as soybean and grain prices firmed, traders said.
Live cattle and feeder futures were able to continue Monday’s price bump. But the higher feed prices weighed on the beef market, as did questions over consumer and export demand, StoneX chief commodities economist Arlan Suderman said in an analyst note.
Demand questions also continue to pressure the pork market, where futures prices eased more, analysts said.
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CME February live cattle settled up 0.375 cent at 157.85 cents/lb., and most-active April ended up 0.75 cent at 161.3 cents/lb. (all figures US$).
CME March feeder cattle futures rose 0.325 cent to settle at 183.6 cents/lb.
On Tuesday, both cattle and hog daily slaughter rates were down, according to USDA data. Meanwhile, beef and pork packing margins were up.
So were wholesale beef values: Choice cuts priced by USDA on Tuesday morning were at $270.97/cwt, down 47 cents from the previous day, and select cuts were down 72 cents at $253.77.cwt.
February lean hog futures ended down 0.475 cent at 77.1 cents/lb. Most-active April hogs eased 0.075 cent, to 85.375 cents/lb.
— P.J. Huffstutter reports on agriculture and agribusiness for Reuters from Chicago.
