Cattle futures anticipate direct business development

Cattle futures are on the rise at the Chicago Mercantile Exchange as traders eagerly await the development of direct business. Live and feeder cattle prices saw an uptick, with June live cattle closing at $178.25 and August lives closing at $176.52. August feeder cattle also closed higher at $255.87, with September feeders closing at $256.95.

Direct cash cattle trade remained quiet on Wednesday, with bids scarce throughout the day. Asking prices in the South ranged from $186 to $187-plus live, while the North remained quiet. Despite a few deals reported at $184 live, significant trade volume is expected to pick up on Thursday or Friday.

Meanwhile, at the Lolli Brothers Livestock Market in Missouri, steer calves and feeder heifers saw a boost in prices. Steer calves weighing 400 to 700 pounds were selling at higher rates, with demand described as good on a moderate supply. Feeder supply included a mix of steers and heifers, with prices ranging from $262.60 to $318.50.

In the pork market, lean hog futures ended the day mixed, with June lean hogs closing lower at $97.50 and July lean hogs closing slightly lower at $100.87. Cash hogs also closed lower, with processors showing less aggression in their procurement efforts. However, U.S. pork remains popular globally and domestically, with summer grilling season approaching.

Overall, the livestock market is showing signs of strength and stability, with both cattle and pork prices holding steady or increasing. Traders and industry experts will continue to monitor market trends and developments in the coming days.