Chicago Mercantile Exchange live cattle and feeder cattle resumed their downward trend today after gains on Monday.
Most active April live cattle settled at 196.000 cents per pound, down 2.125 cents. June live cattle were down 1.825 cents to 191.375 cents per pound.
Most active March feeder cattle futures closed at 264.775 cents a pound, down 3.350 cents. April feeders settled at 264.975 cents per pound, down 2.800 cents per pound.
Choice boxed beef ended the day at $322.46 per cwt, down $1.04. Select boxed beef was valued at $312.21, down $1.71 per cwt, the USDA reported.
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The U.S. Department of Agriculture increased its beef production forecast from last month as cattle imports resumed from Mexico according to the World Agricultural Supply and Demand Estimates (WASDE) posted today.
The USDA in January estimated a larger calf crop for 2024 and a smaller decline than previously expected in cattle outside feedlots. Consequently, higher placements are expected and slaughter forecasts were raised—particularly in the second half of the year. Dressed weights were also raised.
Beef export forecasts for 2025 were raised based on expected increased production and strong global beef demand.
Most active April lean hogs gained 1.350 cents per pound to settle at 92.975 cents. June lean hogs closed at 104.700 cents a pound, up 0.725 cents.
Pork carcass cut-out values were estimated at $99.72 per cwt, up $0.10 from yesterday.
Today’s WASDE increased forecasted pork production as higher weights throughout the year should more than offset declines in slaughter expected in the first quarter. Pork exports were lowered for the second half of the year on slower-than-expected growth in key markets.
—Prices quoted in USD unless otherwise noted
