Chicago | Reuters – CME live and feeder cattle futures rose for the third day in a row on Wednesday, on continued support from a tight cattle supply and the ongoing closure of the southern border to Mexican cattle imports, traders said.
CME April live cattle LCJ26 finished 0.175 cent higher at 241.80 cents per pound, while March feeder cattle FCH26 finished up 2.15 cents to 370.075 cents per pound.
On Friday, the U.S. Department of Agriculture’s biannual report stated the U.S. cattle herd had fallen to its smallest size since 1951.
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Many traders believe the U.S. is unlikely to resume imports of Mexican cattle into the U.S. due to the continuous spread of screwworm in northern Mexico, further constraining supply.
The U.S. Department of Agriculture on Monday announced it will disperse glow-in-the-dark, sterile flies in Mexico, closer to the U.S. border, and in southern Texas, as officials race to keep flesh-eating New World screwworm pests from spreading into the U.S., the agency said.
The northernmost active case in Mexico was about 200 miles away from the U.S. border, and cases have continued to spread in Tamaulipas and further south in Mexico.
Hog futures also gained support from a relatively low hog herd. Strong export demand for hogs has winnowed away the hog herd in the U.S.
CME April lean hogs LHJ26 settled 0.30 cent higher at 98.45 cents per pound.
The USDA priced choice boxed beef ticked 57 cents lower to $370.14 per hundredweight (cwt) as of Wednesday morning, and select boxed beef fell 52 cents to 366.71 per cwt.
