Livestock-CME cattle futures rebound after fall
CME•Lean hogs weaken as boxed beef prices ease
Meanwhile, lean hogs fell to their lowest point since July 14, after firming earlier in the week on an uptick in seasonal demand, Schroeder said.
The USDA priced the pork carcass cutout at $101.89 per hundredweight, up $0.50, on Thursday afternoon.
CME October hogs LHV26 ended down 2.350 cents to finish at 83.350 cents per pound.
CME August feeder cattle futures FCQ26 settled up 2.200 cents at 346.475 cents per pound, and CME August live cattle LCQ26 ended 3.325 cents up at 231.225 cents per pound.
Boxed beef prices turned lower, with choice cuts falling $2.93 to $360.50 per cwt, USDA reported Thursday afternoon. Select cuts fell $1.08 to $341.33 per cwt.
Cattle futures rebound after USDA import news fades
Chicago Mercantile Exchange cattle futures rebounded on Thursday after dropping earlier in the week on the U.S. Department of Agriculture's announcement that it was lifting a ban on imports of Mexican cattle.
As the week wore on, the impact of the announcement weakened, with market players realizing it would take time for imports to trickle in.
The USDA halted imports more than a year ago to keep out the flesh-eating livestock pest New World screwworm, tightening U.S. cattle supplies and helping to drive beef prices to record highs.
A firming cash trade also added support to futures, according to Austin Schroeder, an analyst at Brugler Marketing and Management, adding that the import factor was less likely to affect the nearby contract months.
