6 June 2023

1 minute read

By: Global Ag Media

North America

Chicago Mercantile Exchange (CME) extended their rally on Monday, with strong cash prices and technical buyers pushing the market higher, reported Reuters.

Live cattle contracts have risen for eight straight sessions and feeder cattle contracts have posted gains for five sessions in a row.

But hog futures closed weaker even as pork prices surged higher, as traders cited overbought technical conditions for a pause in the rally that had pushed prices to a two-week high on Friday.

Benchmark CME August live cattle futures settled up 0.375 cent at 173.275 cents per pound after posting a fresh contract high of 174.425 cents. August feeder cattle finished up 0.7 cent at 242.6 cents per pound.

CME July lean hog futures settled down 0.5 cent at 84.15 cents per pound.

In the wholesale beef market, the US Department of Agriculture (USDA) priced choice cuts on Monday morning at $313.69 per CWT, up $3.76 from Friday afternoon. Prices for select cuts jumped $5.16 to $296.09 per cwt.

Wholesale pork prices hit their highest since mid-November, with the carcass cutout jumping $8.06 to $92.78 per cwt, according to USDA data.