U.S. livestock: Cattle climb on low inventory, anticipated tariffs

Chicago cattle futures continued to climb, Tuesday, on anticipated tariffs on Brazilian beef and low herd numbers.

“Costs stay robust and I don’t see a elementary motive for that to cease,” wrote analyst Jefferson Fosse of Walsh Buying and selling.

The U.S. has threatened to use a 50 per cent tariff on Brazilian products. Brazilian beef firms had anticipated to promote some 400,000 tons of beef to the U.S., stated Roberto Perosa, head of Brazilian beef foyer Abiec. Within the U.S., Brazilian beef is principally processed to make hamburgers.

Changes to Manitoba’s spring wheat: crop report

Crops in Manitoba continued to hold up quite well, but the provincial agriculture department reported some variation in the spring wheat over the week ended July 29.

USDA reports on Friday confirmed a smaller-than-expected beef herd.

Most-active October dwell cattle contracts settled at 226.450 cents a pound, up 1.675 cents. August dwell cattle closed at 229.725 cents per pound, up 1.850 cents. Each had been recent highs.

Feeder cattle futures additionally set new data, with most-traded September contracts closing at 337.075 cents a pound, up 2.525 cents. August futures settled at 336.200 cents a pound, up 2.675 cents.

Alternative boxed beef was valued at $364.19 per cwt within the USDA’s afternoon report, down $3.54. Choose boxed beef settled at $342.48 per cwt, down $4.37.

Most-active October lean hog contracts closed at 88.725 cents a pound, down 2.150 cents. December lean hogs settled at 80.800 cents, down 2.100 cents a pound.

Pork carcass cutout worth was put at $115.85 per cwt, down $2.44 in line with the USDA’s afternoon report.

—With recordsdata from Reuters. Costs in USD.