CME November feeder cattle ended 1.225 cents lower at 177.925 cents per lb. The government said the number of US cattle on feed, as of March 1, was down 4.5% from a year earlier, in line with analysts' expectations, while February placements of cattle into feedlots were down 7.2%, compared with expectations for a 6% drop. Chicago Mercantile Exchange live cattle futures ended mostly lower on profit-taking on Tuesday. Worries about beef demand overshadowed early support from Friday's monthly USDA Cattle on Feed report. Usually when you see that, people are shying away from the pricy cuts of beef and buying the cheaper cuts," Norcini said. "The spread between the choice and select narrowed. In the wholesale beef market, the USDA priced choice cuts of beef at $281.02 per cwt, down $2.33 from Friday, while select cuts rose $1.50 to $273.94 per cwt. The 'feeder cattle' contract represents 50,000 pounds of steers weighing 700 to 900 pounds. April feeder cattle finished down 0.025 cent at 194.625 cents per pound. There are two types of cattle traded on the futures market, 'live cattle' and 'feeder cattle.' The 'live cattle' contract is a 40,000 pound contract representing cattle ready to be harvested and that will grade 55 Choice, 45 Select, and yield grade 3. Hams rose by $2.28 to $73.19 per cwt, calming fears that weakness in Mexico's peso versus the US dollar was hurting Mexican demand for ham.Ĭattle futures declined as traders continued to watch Wall Street and outside markets to gauge the health of the economy.ĬME April live cattle settled 0.300 cent lower at 162.025 cents per pound. View the futures and commodity market news, futures pricing and futures trading. The US Department of Agriculture (USDA) priced pork carcasses at $81.64 per hundredweight (cwt), up 69 cents from Friday's one-month low of $80.95. FCV23 A complete Feeder Cattle Oct 2023 futures overview by MarketWatch. Wholesale pork values steadied on Monday after a steep, four-day decline last week. Thinly traded May also hit a contract low while June hogs closed down 1.450 cents at 91.875 cents per pound. And the demand concerns are tied to the state of the economy," said Dan Norcini, an independent livestock trader.įront-month April lean hogs settled down 2.100 cents at 77.775 cents per pound after hitting a contract low at 77.425 cents. "The big weight over the livestock markets is trader concerns for demand moving forward. Live cattle and feeder cattle futures also closed lower. Chicago Mercantile Exchange (CME) lean hog futures dropped on Monday, with nearby futures at contract lows as macroeconomic worries and a lower wholesale pork prices raised uncertainty about meat demand and sparked a round of technical selling, Reuters reported, citing traders.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |