CME feeder cattle end up as US slaughtering recovers
CME•Feeder cattle futures rose as U.S. slaughtering recovered to an estimated 108,000 cattle after falling below 100,000 daily the previous week. November feeder cattle settled up 1.625 cents at 330.900 cents per pound.
1. Slaughtering recovers
Meatpackers processed an estimated 108,000 cattle, in line with levels before an immigration crackdown discouraged workers from going to work at major slaughterhouses in southwest Kansas last week. Processing rates can affect packers’ demand and cattle prices; AgMarket.net CFO Tyler Schau said near-normal levels in coming days could help the market move past the disruption.
2. Futures and beef prices
CME November feeder cattle futures settled up 1.625 cents at 330.900 cents per pound, while December live cattle finished flat at 220.800 cents. Choice boxed beef rose $2.18 to $382.66 per hundredweight, and select cuts climbed $6.25 to $364.48. December lean hog futures rose 1.30 cents to 69.700 cents per pound, while deferred months set contract lows.
