Chicago cattle futures made modest gains on Monday while hogs pulled back.
Most-active February live cattle closed at 230.550 cents a pound, up 1.000 cents. April contracts gained 0.625 cents to settle at 230.025 cents a pound.
Most-active January feeder cattle futures settled at 339.925 cents a pound, up 0.825 cents. March contracts gained 0.775 cents per pound and closed at 334.850 cents.
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USDA choice boxed beef ended the afternoon at $359.46 per cwt, up $2.02. Select beef rose by $3.08 to $347.30 per cwt.
“Cattle feeders are continuing to bid higher for incoming inventory, at a time when even fewer cattle are anticipated available, and woefully too much production capacity,” wrote analyst Christopher B. Swift.
“I don’t know if any of the above factors will cause beef or cattle prices to go higher or lower. What I do know is that cattle prices do have to climb higher to return inputs, and if they do not, the losses may or may not be staggering.”
Most-traded February lean hog futures fell by 0.675 cents to 83.850 cents a pound. April contracts closed at 88.925 cents a pound, down 0.600 cents.
The USDA reported pork carcass cutout value at $98.89 per cwt this afternoon, up $0.68.
