By Christopher Walljasper
CHICAGO, April 26 (Reuters) – U.S. stay cattle futures gained on Monday, supported by Friday’s month-to-month Cattle on Feed report that confirmed smaller-than-expected placements, merchants mentioned.
Chicago Mercantile Alternate June stay cattle futures LCM1 settled 0.550 cent greater at 116.275 cents per pound whereas the August contract LCQ1 ended 1.100 cents greater at 117.950 cents.
“It wasn’t as massive a quantity, relative to a yr in the past, as everybody thought,” mentioned Alan Brugler, president of Brugler Advertising and marketing.
After the CME shut on Friday, the U.S. Division of Agriculture mentioned the variety of cattle positioned in U.S. feed heaps throughout March was up 28% from a yr earlier – decrease than analyst predictions.
Feeder cattle futures have been blended, with CME August feeders FCQ1 including 0.400 cent to shut at 150.300 cents per pound, although close by contracts slid as benchmark Chicago Board of Commerce corn futures Cv1 climbed to an eight-year excessive at $6.57-1/2 per bushel, indicating greater feed prices. GRA/
Boxed beef costs climbed on Monday, with alternative cuts gaining $1.43 to $285.20 per cwt., whereas choose cuts added $2.22 to 274.35 per cwt.
Money cattle commerce was regular, with commerce starting from $118 in Kansas to $121 in Nebraska late final week, based on the USDA.
Lean hogs proceed climbing greater as pork demand is about to strengthen heading into the summer season, whereas provide stays tight.
“You’re drawing down in opposition to present manufacturing, you don’t have any cushion within the chilly storage and we’re going to get into the time interval after we don’t have as massive of a slaughter,” mentioned Brugler.
CME June lean hogs LHM1 gained 1.125 cents to 106.850 cents per pound.
The CME’s lean hog index, a two-day weighted common of money costs, climbed to $106.51 per cwt, its highest since October 2014. .IHX
(Reporting by Christopher Walljasper; Enhancing by Dan Grebler)
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