U.S. livestock: Cattle extend gains on improving cash prices, packer demand

Reuters — Chicago Mercantile Trade reside cattle futures set a three-week excessive and feeder cattle hit their highest degree in 5 weeks on Friday as money costs rose and demand improved from meatpackers, brokers mentioned.

The markets superior for the fourth consecutive session as costs recovered from a steep slide that started in October after U.S. President Donald Trump mentioned beef costs have been too excessive.

“With the money costs transferring up, that’s giving a bit of bit higher tailwind,” a dealer mentioned.

U.S. grains: Soy futures slide on China demand doubts

Soybean futures posted their first weekly loss in eight weeks at Friday’s close. Corn and wheat futures were also lower.

CME February reside cattle futures ended 3.150 cents increased at 227.150 cents per pound after reaching the best since Nov. 12 at 227.375 cents. CME January feeder cattle closed up 2.475 cents at 339.050 cents per pound after buying and selling as much as 340.075 cents, the best since Oct. 27.

Within the money market, cattle traded for about $220 per hundredweight this week in northern areas corresponding to Nebraska, up about $10 from final week, brokers mentioned. The rise mirrored demand from meatpackers, they mentioned.

Packers slaughtered an estimated 115,000 cattle on Friday, in keeping with U.S. Division of Agriculture information. That was up from 109,000 cattle every week in the past, the day after the Thanksgiving vacation, information confirmed.

Merchants have been monitoring chilly climate throughout the central U.S. that might gradual weight achieve in livestock. Within the Midwest, intensive snow cowl was anticipated by way of subsequent week, climate agency Vaisala mentioned.

Hogs highest in almost a month

Within the hog market, CME February lean hog futures completed up 0.425 cent at 82.275 cents per pound and reached the best degree since Nov. 11 at 83.025 cents.

Meatpackers slaughtered an estimated 476,000 hogs, up from 402,000 every week in the past, in keeping with the USDA.

In different information, Catalonia’s regional authorities mentioned it might examine a analysis middle exterior Barcelona after Spain’s Agriculture Ministry mentioned a current swine fever outbreak may have been brought on by a laboratory leak.

— Reporting by Tom Polansek