Chicago | Reuters — Chicago Mercantile Exchange hog and cattle futures rose on Wednesday, with the market underpinned by strength in the cash markets.
Prices for the cattle contracts hit their highest in nearly a week, but closed off their session peaks as the corn market recovered from sharp declines. The early weakness in corn futures raised hopes about reduced feeding costs.
In the lean hog market, CME June futures settled up 0.3 cent at 110.95 cents/lb. (all figures US$).
The pork cutout value rose by $1.57, to $117.63 per hundredweight (cwt) on Wednesday morning but remained below the one-year top hit earlier in the week, according to the U.S. Department of Agriculture.
CME August live cattle futures rose 0.4 cent to 110.125 cents/lb. August feeder cattle rose 0.95 cent to 152.875 cents/lb.
Prices for choice cuts of boxed beef rose by $2.68, to $323.94/cwt, by late Tuesday, while select cuts jumped by $3.70, to $299.05/cwt, according to USDA data. Both were trading at one-year highs.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.