CME cattle futures mixed as US supply report looms
CME August live cattle futures settled down 0.075 cent to 207.85 cents per pound - though most other traded contracts firmed. Meanwhile, August feeder cattle futures rose 0.025 cent to end at 297.500 cents per pound.
Prices in the cash cattle market has remained high on tight herd supplies, which has supported cattle futures, though some markets have seen prices ease a bit in recent days, two market analysts said.
And consumer demand for beef and wholesale beef prices have stayed strong as the U.S. enters the height of grilling season, market analysts said.
Traders said they are anticipating that boxed beef prices may soon show signs of easing, as grocery and restaurant demand for higher-priced beef cuts slow ahead of the Memorial Day holiday weekend, and buyers turn their attention to stocking up for Father's Day grilling.
But on Tuesday morning, wholesale beef prices continued to surge: Choice cuts of boxed beef rose $5.63 to $360.44 per hundredweight , while select cuts rose $1.01 to $345.12 per cwt, U.S. Department of Agriculture data showed.
"Everyone's now wondering how much further can these wholesale beef prices be pushed before consumers start to balk, and turn to cheaper options," said Dan Norcini, independent livestock analyst.
Anticipating that shift to happen soon has pulled fund traders back into the lean hog market, and prompted some to begin unwinding their bear-spread positions, Norcini said.
"They're trying to get positioned ahead of consumers starting to buy more pork than beef, because it's cheaper," Norcini said.
The nearby CME lean hog June contract settled up 0.775 cent to 100.025 cents per pound on Tuesday, while most active July contract closed down 0.025 cent to 103.550 cents per pound.
This article was generated from an automated news agency feed without modifications to text.
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