Live cattle futures on the Chicago Mercantile Exchange were stronger Monday, hitting fresh contract highs in many months as forecasts calling for cold temperatures across United States ranching areas raised concerns over reduced weight gains for grazing cattle.
However, ideas the futures may be looking overdone to the upside kept the gains in check and profit-taking came forward at the highs.
The February live cattle contract touched a record high of 195.325 cents per pound before running into resistance to settle at $195.200 — up 1.500 cents per pound.
March feeder cattle futures held below the contract highs hit last week, ending 1.375 cents per pound higher at 265.550 cents per pound.
The U.S. Department of Agriculture reported wholesale boxed beef prices were higher Monday morning, with choice boxes up $2.00 from Friday at $327.24 per hundredweight and select boxes up $4.40 at $301.12.
Hog prices were narrowly mixed on the day, with the nearby February contract down 1.125 cents per pound at 79.650 cents.
—All prices in U.S. dollars
