CME cattle futures extend recovery, hogs fall further

CHICAGO, April 26 (Reuters) - Chicago Mercantile Exchange (CME) cattle futures turned higher for a 2nd league connected Friday, bolstered by weakness successful maize futures and signs of prices staying steadfast successful the currency cattle market, traders said.

The currency cattle commercialized was progressive a time earlier successful the Southern Plains betwixt $181 to $184 per hundredweight (cwt), with reports of prices higher successful the Corn Belt, marketplace analysts said.

Uncertainty implicit the interaction of the U.S. vertebrate flu outbreak connected user request for beef - arsenic good arsenic connected supplies of dairy cattle that could beryllium sold to processors for crushed beef - helped spark spot successful the currency markets, marketplace analysts said.

Colorado became the ninth U.S. authorities to study a dairy herd infected with vertebrate flu connected Friday, arsenic national lawmakers urged the Biden medication to further incorporate the virus' spread, and tests of beverage suggested the outbreak is much wide than antecedently thought.

But preliminary tests amusement pasteurization is effectual successful inactivating vertebrate flu successful retail beverage samples, the U.S. Food and Drug Administration said connected Friday.

Meatpackers slaughtered an estimated 113,000 caput connected Friday, dependable from a week agone and up from 106,140 cattle a twelvemonth earlier. For hogs, slaughtering fell to 439,000 caput connected Friday from 480,000 hogs a week ago, and down from 450,295 hogs a twelvemonth ago.

The U.S. Department of Agriculture's prime beef cutout values continued to enactment firm, though prime cutout values eased. Pork cutout values mostly firmed, though ham prices slumped, USDA information showed.

"The pork cutout prices are conscionable not rising arsenic speedy arsenic the marketplace has wanted oregon expected," which has weighed connected the hog marketplace futures, said autarkic trader Dan Norcini.

Most-active CME June thin hogs settled down 2.525 cents astatine 102.475 cents per pound.

Actively traded CME June unrecorded cattle settled up 0.775-cent astatine 178.575 cents per pound. Most-active CME August feeder cattle settled up 2.250 cents astatine 260.550 cents. (Reporting by P.J. Huffstutter; Editing by Muralikumar Anantharaman)

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Published: 27 Apr 2024, 05:04 AM IST