U.S. livestock: Live cattle set fresh highs, lean hogs slide

Chicago stay cattle futures settled round contract highs, Tuesday, whereas lean hogs fell.

Most energetic June stay cattle closed at 210.200 cents a pound, up 0.600 cents. August stay cattle settled at 205.675 cents per pound for a acquire of 0.350 cents.

Most energetic August feeder cattle contracts settled at 296.900 cents a pound, up 1.950 cents. Might feeder cattle closed at 294.025 cents for a acquire of two.225 cents a pound.

Selection boxed beef rose to $348.26 per cwt, up $5.49 from Monday. Choose boxed beef fell by $1.30 per cwt to shut at $323.82 per cwt based on the USDA’s afternoon report.

U.S. grains: Chicago grains, soy futures drop as U.S. planting pace accelerates

Chicago corn and soybean futures ended lower on a volatile day of trading Tuesday, as U.S. farmers raced to plant their fields and investors bemoaned a lack of fresh news over the U.S.-China trade war, traders said.

In the meantime, CME lean hog contracts turned decrease for a second consecutive session on a flurry of unfold buying and selling, the place market members and a few funds opted to dump hogs in favor of cattle, stated Don Roose, president of Iowa-based U.S. Commodities.

“Proper now, the futures costs are being restricted by the money market, which remains to be effectively beneath the futures costs we’re seeing for summer season hogs,” Roose stated. “Till these money costs begin to go up, there’s solely a lot the futures market will and might do.”

Most energetic June lean hog futures closed at 99.450 cents a pound, down 1.550 cents. July lean hogs misplaced 1.625 cents to settle at 99.600 cents a pound.

Pork carcass cutout worth settled at $96.59 per cwt, a lack of $1.03 from Monday, the USDA stated.

China, the world’s largest pork client, is now not a viable marketplace for U.S. pork processor Smithfield Meals attributable to Chinese language tariffs, the corporate’s CEO Shane Smith stated on Tuesday. China represents about three per cent of Smithfield’s gross sales, Smith stated.

Smithfield sells “selection meat” like pig stomachs, hearts and heads, which U.S. shoppers typically don’t eat, to China.

China’s efficient responsibility on American pork is 172 per cent.

—With recordsdata from Reuters