Chicago Mercantile Exchange live cattle and feeder cattle futures set record highs on Wednesday as cash prices stayed strong, along with consumers' demand for beef, brokers said.
Chicago Mercantile Exchange live and feeder cattle futures rallied to fresh contract highs on Wednesday, as tight supplies and strong cash market prices continued to send future contracts surging, market analysts said.
Chicago Mercantile Exchange cattle futures continued to rally on Tuesday, with feeder contracts setting new all-time highs, as U.S. cash prices remained firm and domestic supplies of replacement animals continued to shrink, market analysts said.
Live and cattle futures on the Chicago Mercantile Exchange retreated for a second session, while lean hogs extended their rally. The August live cattle contract declined by 12.5 U.S. cents per hundredweight to end the day at US$223.550 and showing a weekly gain of US$1.350. October live cattle lost 50 cents/cwt. to close at US$219.825,