Pork slips despite firm carcass values, higher cash hog prices – CME
Chicago Mercantile Exchange (CME) cattle futures rallied on Thursday following a two-day decline, lifted by strong cash cattle markets and rising wholesale beef prices.
Benchmark CME August live cattle futures rose 1.900 cents to settle at 210.075 cents per pound and August feeder cattle ended up 4.300 cents at 299.925 cents per pound.
On the cash side, market-ready cattle traded in Texas and Kansas at $222 per hundredweight (cwt), up $1 to $3 from last week, the US Department of Agriculture (USDA) reported.
“Cash trade was pretty strong again,” said Austin Schroeder, senior commodity analyst at Brugler Marketing and Management, adding that rising boxed beef prices also lent support.
The USDA priced choice cuts of boxed beef at $366.09 per cwt on Thursday afternoon, up 67 cents from Wednesday, while choice cuts were up $1.90 at $353.64.
Hog futures closed lower, shrugging off support from firm wholesale pork and cash hog prices. CME June hog futures settled down 0.250 cent at 100.025 cents per pound and July hogs fell 0.325 cent to finish at 102.975 cents.
The USDA priced pork carcasses on Thursday afternoon at $104.62 per cwt, up $2.22 from Wednesday.
The CME’s Lean Hog Index, a two-day weighted average of cash prices, was up 0.47 cent at 93.52 cents per pound.
Market players await the USDA’s weekly export sales report, which was delayed until Friday due to Monday’s federal holiday.
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