U.S. livestock: Record highs in cattle futures

Cattle futures on the Chicago Mercantile Alternate continued to set new data on Tuesday, as enhancing packer margins, robust demand and chart-based shopping for offered assist.

August feeder cattle futures have been up by 5.400 cents per pound at 319.125 cents per pound.

The August reside cattle contract gained 4.075 cents per pound at 219.975 cents on the shut.

Weak point in corn futures contributed to the power within the feeder market, because the cheaper grain underpins feedlot margins. Nevertheless, cattle futures have been trying overbought by some technical metrics.

The U.S. Division of Agriculture reported wholesale boxed beef costs have been greater on Tuesday, with alternative bins up $2.06 at $393.04 per hundredweight and choose bins up $0.93 at $378.46.

Lean hog costs have been down 0.325 cents per pound within the August contract at 106.775 cents.