Cattle futures on the Chicago Mercantile Exchange were mixed on Thursday, with fresh contract highs in the feeder cattle market while live cattle ran into resistance at their own highs to settle with small losses.
Chicago Mercantile Exchange feeder cattle futures extended gains to record highs on Wednesday while live cattle futures set a contract high before pulling back.
Chicago Mercantile Exchange lean hog futures fell on Thursday on lower cash market prices, while cattle futures posted modest gains despite lower beef values as tight supplies continue to underpin the market, analysts said.
Chicago cattle futures rebounded on Wednesday after dropping on Tuesday over news the U.S. Department of Agriculture would gradually reopen borders to Mexican cattle imports.
Chicago Mercantile Exchange cattle futures ended higher on Friday under support from stronger wholesale boxed beef prices and buying interest, though concerns over waning consumer demand for beef continued to linger over the market, analysts said.
Chicago lean hog contracts dipped as a U.S. Department of Agriculture report showed inventories slightly up. Cattle futures were unchanged to slightly up.
Chicago Mercantile Exchange cattle futures ended mixed on Wednesday as market players weighed waning demand from consumers and retailers while hog futures turned higher, following a seasonal pattern, traders said.
Chicago Mercantile Exchange lean hog futures edged lower on Tuesday on technical selling after setting contract highs in the previous session as traders weighed whether a seasonal peak in cash hog prices has petered out, analysts said.