Chicago cattle futures jumped back up after Tuesday’s losses while hogs continued to slide.
Most-active April live cattle contracts gained 3.550 cents to close at 240.975 cents per pound. June live cattle settled at 236.575 cents a pound, up 2.775 cents.
Most-traded March feeder cattle closed at 367.450 cents per pound, up 2.675 cents. April contracts gained 3.325 cents to settle at 364.600 cents a pound.
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Choice boxed beef slid by $1.63 to $365.92 per cwt, the USDA said in its afternoon report. Select beef was valued at $362.58 per cwt, down $0.32.
Historically tight U.S. cattle supplies have elevated cash cattle prices in recent weeks, while meat packers’ profit margins have fallen to deeply negative levels.
Packers were losing nearly $270 per head of cattle as of Tuesday, according to Denver-based livestock marketing advisory service HedgersEdge.com LLC.
Most-active April lean hogs settled at 93.850 cents a pound, down 1.650 cents. June contracts closed at 107.475 cents a pound, down 1.425 cents.
Pork carcass cutout value settled at $93.77 per cwt, down $1.69.
-With files from Reuters
