Lean Hog Futures Rebound After Softening Thursday
Live cattle futures on the Chicago Mercantile Exchange (CME) held firm on Friday, supported by a solid physical market and stricter slaughter of cattle. Reuters reportedsaid an analyst.
Live cattle futures in August increased by 2.400 cents to 180.900 cents per pound. Live cattle rose 1,600 cents in October, the most active month, and settled at 182,900 cents per pound.
The October contract rose 1.84% for the week.
While cash cows were largely stable, the northern plains market saw a firmer trade to $189, up from $186 through the end of last week, while the southern plains market was more stable, according to the U.S. Department of Agriculture (USDA). The price remained between $178 and $179.
in the meantime, cattle slaughter Down to just 113,000. An estimated 35,000 fewer animals were processed this week compared to the same period in 2022.
Boxed beef prices fell, with premium cuts dropping 22 cents to $301.79 per cwt, while premium cuts fell $1.83 to $276.48 per cwt, according to the USDA.
beef packer margin According to HedgersEdge.com, the price has been fixed at $56.98 per animal.
September forage cattle futures increased by 1.800 cents to 253.450 cents per pound.
Lean hog futures rebounded after softening on Thursday, with nearby August lean hog futures adding 0.025 cents to 101.025 cents a pound, while the most active October LHV3 contract was at 1.025. Cents rose to 83.075 cents per pound.
The CME Leanhog Index, a two-day weighted average of spot prices, edged up to 105.86, hovering near an 11-month high.
Pork cutouts fell $1.94 to $113.69 per CWT, but packer margins rose to $18.51 per head, according to HedgersEdge.com.
The number of pig slaughters also fell, with an estimated 418,000 pigs slaughtered, down from 453,000 a year earlier, according to the USDA.