Chicago | Reuters — Chicago Mercantile Exchange live cattle futures rose on Friday, with nearby contracts supported by firm cash markets and strong wholesale beef values, traders said.
Deferred offerings rose as traders covered short positions ahead of the U.S. Agriculture Department’s monthly Cattle on Feed report.
The report, released after the close of the market showed the amount of cattle on feed as of April 1 at 107 per cent of year-ago levels, in line with market expectations.
April live cattle closed 1.55 cents/lb. higher at 119.35 cents (all figures US$). June ended up 0.725 cents at 103.725 cents.
April CME feeder cattle rose 0.075 cents/lb. to 137.3 cents.
May hogs closed down 0.2 cent/lb. at 69.95 cents. Most actively traded June dropped 0.525 cent, to 78.55 cents.
— Reporting for Reuters by Mark Weinraub.