Chicago Mercantile Exchange cattle and hog futures rallied on Tuesday.
Most-active April live cattle gained 2.900 cents to close at 238.975 cents a pound. February live cattle settled at 237.250 cents a pound, up 2.000 cents.
Most-traded March feeder cattle gained 5.950 cents to settle at 362.125 cents per pound. April feeders closed at 360.600 cents a pound, up 6.150 cents.
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Choice boxed beef gained $0.88 to end the afternoon at $357.99 per cwt, the USDA reported. Select beef lost $0.87 to close at $357.18 per cwt.
Most-active February lean hog futures settled at 84.625 cents a pound, up 0.200 cents. April lean hogs gained 0.500 cents to close at 91.250 cents a pound.
The USDA reported pork carcass cutout value at $91.80 per cwt, a loss of $1.30 over Monday.
U.S. consumer prices increased in December, lifted by higher costs for rents and food as some of the distortions related to the government shutdown that had artificially lowered inflation in November unwound, cementing expectations the Federal Reserve would leave interest rates unchanged this month.
Food prices surged 0.7 per cent, the largest gain since October 2022. There were notable increases in the prices of fruits and vegetables as well as dairy and related products. Beef prices, which have angered many Americans, rose 1.0 per cent, with steaks soaring 3.1 per cent. Coffee prices rose 1.9 per cent, reflecting tariffs. Egg prices decreased 8.2 per cent.
-With files from Reuters
