According to Reuters, live cattle futures on the Chicago Mercantile Exchange (CME) – US on October 21, 2024 fell after last week’s increase.
Meanwhile, canned beef prices remained high amid good consumer demand, a solid economic outlook and pre-Thanksgiving and Christmas buying and selling activities.
Tight cattle supplies and rising spot prices also continued to support futures trading, analysts said.
Rising wholesale prices also boosted futures prices. Boxed prime beef prices rose $2.21 per cwt to $322.86 per cwt on the afternoon of October 21, 2024, according to the USDA. Boxed select beef prices rose $2.01 per cwt to $296.21 per cwt.
Live cattle futures for December 2024 delivery on the CME fell 0.50 cent to 186.825 cents per lb, while beef futures for November 2024 delivery fell 1 cent to 246.60 cents per lb.
Pork futures rose on rising wholesale pork prices and higher late-session trading. Pork cuts rose after weeks of rising wholesale prices.
The price of pork futures for December 2024 delivery on the CME exchange increased by 0.45 cents to 78.275 cents/lb.
Traders are waiting for information on the US presidential election in November 2024 and the meeting of the US Federal Reserve.
Thuy Chung
Source: Vinanet/VITIC/thepigsite