Chicago cattle futures dropped sharply on Friday while hogs ended the day mixed.
Most active August live cattle closed at 212.450 cents per pound, down 4.500 cents. October live cattle settled at 209.925 cents a pound, down 4.425 cents.
Most active August feeder cattle futures closed at 306.425 cents a pound, down 4.825 cents. September feeders settled at 305.600 cents, down 4.950 cents per pound.
Boxed beef prices rose, mean while, with choice beef closing at $377.88 per cwt, up $1.16. Select boxed beef gained $0.43 to sit at $363.50 per cwt.
At midday, analyst Austin Schroeder cited pressure from a weaker equity market as a factor in falling prices.
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World stock markets fell on Friday and oil prices surged as Israel launched military strikes on Iran. This sparked inflows into safe havens like gold and the dollar.
“Higher gasoline prices, and every product impacted by higher energy prices, will force consumers to make difficult decisions on where those discretionary funds will be spent,” wrote analyst Christopher B. Swift. “As this issue has no bearing at all on the supplies of cattle or beef, it will have a significant impact on demand for both.
Most active August lean hog contracts closed at 110.125 cents a pound, down 0.050 cents. July lean hogs gained 0.575 cents to settle at 109.475 cents a pound.
Pork carcass cutout value sat at $118.06 per cwt, up $3.56 in the USDA’s afternoon report.
