Live and fed cattle futures on the Chicago Mercantile Exchange continued higher on Tuesday, building on yesterday’s gains.
The June live cattle contract added 1.775 cents at 205.425 cents per pound.
May feeder cattle futures advanced 2.650 cents at 287.150 cents per pound.
The USDA reported wholesale boxed beef prices were higher on Tuesday afternoon, with choice boxes climbing $6.96 at $342.22 per hundredweight, while select boxes were up $2.06 at $322.07. Monday’s federally inspected was 104,000 head, down 15,000 from the previous Monday.
Lean hog prices were also higher on Tuesday. The June contract rose 1.750 cents at 97.025 cents per pound. The USDA reported Monday’s federally inspected hog slaughter was 469,000 head, down 4,000 from the previous Monday.
The USDA issued its monthly fats and oils report, showing edible tallow production for February at 93.30 million pounds. That’s down four per cent from a year ago, but 31 per cent higher than January’s output.
