Chicago Mercantile Exchange cattle futures were mostly higher on Monday as tight supply fundamentals supported prices.
Most active April live cattle futures closed at 200.575 cents up 0.300 cents a pound. June live cattle settled up 0.750 cents at 197.225 cents per pound.
Most active April feeder cattle lost 0.225 cents to close at 277.925 cents a pound. May feeders gained 0.350 cents, up 278.550 cents per pound.
Choice boxed beef ended the day at $317.58 per cwt, up $2.68. Select boxed beef closed at $306.95 per cwt, up $1.15.
“Cattle prices continue to generally grind higher amid a whirlwind of political activities and rhetoric that have buffeted markets at all levels,” wrote analyst Derrell S. Peel with Oklahoma State University.
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“Ever tightening supply fundamentals are supporting higher cattle and beef prices.”
Peel said that uncertainty and volatility will likely continue to affect cattle markets, but as long as these don’t result in major macroeconomic disruption (e.g. a recession), cattle markets are expected to stay strong.
Lean hogs also saw gains on Monday. Most active April lean hog futures gained 0.950 cents to close at 88.300 cents per pound. June lean hogs settled at 100.050 cents per pound, up 0.725 cents.
Pork carcass cutout value ended at $98.22 per cwt, down $0.14.
