Cattle futures on the Chicago Mercantile Exchange climbed to fresh highs on Tuesday, as tight supplies and the ongoing closure of the U.S./Mexican border to cattle from Mexico kept values well supported.
The December live cattle contract gained 1.750 cents per pound at 246.500 cents. Chart-based positioning contributed to the gains, according to participants, with the next resistance target seen at 248 to 250 cents per pound.
November feeder cattle futures were up by 4.600 cents per pound at 381.325 cents per pound.
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The U.S. Department of Agriculture reported wholesale boxed beef prices were up on the day, with choice boxes $0.51 higher at $364.42 per hundredweight and select boxes up $0.80 at $350.55/cwt.
Lean hog prices were lower, as a sharp drop in Chinese prices spilled into the U.S. market. The December contract was down 1.700 cents at 83.150 cents.
