CHICAGO, July 10 (Reuters) – Chicago Mercantile Exchange
live cattle futures ended modestly higher on Monday on
follow-though buying from Friday and carry-over strength from
last week’s strong cash cattle market.
Cash cattle traded late last week as high as $184 to $185
per hundredweight (cwt) in northern feedlot areas, traders said,
up from sales of around $178 to $182 the previous week, and
above the equivalent value of nearby live cattle futures near
$177.
CME most-active August live cattle futures settled
Monday up 0.200 cent at 177.200 cents per pound, and the October
contract ended up 0.575 cent at 179.950 cents after
notching a life-of-contract high at 180.800 cents.
August feeder cattle futures rose 0.825 cent to
settle at 246.250 cents per pound.
A seasonal summertime slide in wholesale beef prices capped
rallies. Choice cuts
and select cuts
according to the U.S. Department of Agriculture.
Hog futures declined. CME August lean hogs settled
down 0.975 cent at 94.175 cents per pound, retreating after a
climb to a near four-month high last week.
The USDA quoted the wholesale pork carcass cutout up a penny
at $107.95 per cwt.
In global news, China will release 2,300 metric tons of
frozen pork from state reserves on Wednesday, state-owned
company Huashang Reserve Commodity Management Center said in a
notice.
(Reporting by Julie Ingwersen; Editing by Shounak Dasgupta)
Read More: Commodities : LIVESTOCK-CME cattle futures end higher on firm cash cattle values