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U.S. livestock: Cattle futures rally peters out on position squaring

Chicago | Reuters—Chicago Mercantile Trade cattle futures fell on Thursday after rising for 4 consecutive periods, as merchants booked income and squared positions forward of the U.S. Division of Agriculture’s month-to-month Cattle on Feed report due after the market’s shut on Friday, analysts stated.

Business gamers had been anticipating a bullish report, with analysts surveyed by Reuters predicting a discount of cattle positioned in feedlots and marketed in comparison with the identical interval a yr in the past.

CME October stay cattle futures LCV25 fell 0.125 cent to 234.725 cents per pound. September feeder cattle FCU25 fell 0.075 cent to 358.025 cents per pound.

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U.S. livestock: Cattle futures rise as Cattle on Feed report shows lower inventory

Cattle futures climbed again on Friday as USDA data showed a continued decline in cattle on feed. Hogs also rose.

A traditionally low provide of cattle, which has been additional constrained by the closure of the U.S.-Mexico border to feeder cattle imports, has fueled a rally in cattle futures.

Screwworm, a parasitic fly that eats livestock and wildlife alive, has moved north in Mexico towards the U.S. border and prompted the USDA to chop off Mexican cattle imports.

The import stoppage has propelled cattle futures to new heights and helped preserve beef costs excessive.

The selection boxed beef cutout worth was final up $2.01 on Thursday afternoon at $407.86 per hundredweight (cwt), in response to USDA knowledge. The choose beef cutout was up 44 cents to $383.60 per hundredweight.

Regardless of near-record excessive beef costs, there have been few indicators of client pushback.

“Shoppers aren’t batting a watch by way of demand,” Austin Schroeder, analyst at Brugler Advertising, stated.

Lean hog futures ended barely decrease as CME October lean hogs LHV25 fell 0.025 cents to settle at 89.925 cents per pound.

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