Chicago cattle futures resumed their climb, Thursday, as summer grilling season approaches.
Most active June live cattle futures closed at 214.250 cents per pound, up 1.725 cents. August live cattle closed at 210.000 cents, a gain of 1.625 cents a pound.
Most active August feeder cattle contracts settled at 301.250 cents per pound, a gain of 2.650 cents. September feeders gained 2.900 cents to close at 300.225 cents a pound.
Choice boxed beef rose by $1.74 per cwt to end the day at $347.89 while select beef lost $0.80 to settle at $333.20 per cwt the USDA’s afternoon report said.
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“The annual grilling season runs through early September, when consumption and prices tend to rise to annual highs,” wrote analyst Andrew Hecht. “However, the path of least resistance of live and feeder cattle prices over the past five years has ignored seasonality and has been a one-way street higher.”
“The odds favor higher highs in the cattle arena over the coming weeks and months.”
All by the most nearby lean hog futures made gains. Most active June lean hogs dipped by 0.150 cents to close at 97.175 cents. July lean hog futures settled at 100.250 cents, up 0.775 cents.
The USDA reported pork carcass cutout value at $94.72 per cwt for a loss of $0.82.
