Chicago | Reuters — Chicago Mercantile Exchange live cattle contracts firmed on Monday on technical buying and support from the premium of cash market prices to the actively traded front-month futures contract.
Live cattle drew further support from firm beef prices and gains in feeder cattle futures.
“Live cattle were up on the strong cash market, especially the nearby (futures) contract which has been at a pretty big discount to cash,” said Doug Houghton, analyst at Brock Capital Management.
August live cattle futures jumped 2.2 cents, to 136.15 cents/lb. (all figures US$). The contract broke through chart resistance at its 20-, 50-, 100- and 200-day moving averages during the session and settled above the key technical levels.
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Cash cattle most recently traded at $137-$138/cwt at southern Plains feedlot markets, equal to 137-138 cents/lb., and above $144/cwt in Nebraska.
Choice wholesale boxed beef cutout values gained 25 cents, to $268.14/cwt, on Monday, while select cuts were up $1.15 at $243/cwt, both two-week highs, according to the U.S. Department of Agriculture (USDA).
CME August feeder cattle jumped 3.15 cents to close at 174.875 cents/lb.
Feeders drew support from tight cash market supplies and a pullback in corn prices from overnight highs.
CME lean hog futures ended mixed, with some contracts ceding gains posted last week that took the market to two-month peaks. Traders weighed modest cash pork price increases against concerns about COVID restrictions in China which could disrupt pork imports by the world’s top market.
August lean hogs closed down 0.8 cent at 108.375 cents/lb. Spot July futures edged up 0.3 cent, to 113.15 cents/lb.
— Karl Plume reports on agriculture and ag commodities for Reuters from Chicago.