Cattle futures rise as market anticipates direct business opportunities

Cattle futures were on the rise at the Chicago Mercantile Exchange as traders eagerly awaited direct business transactions and the upcoming USDA cattle on feed report. June live cattle closed $1.20 higher at $184.17, while August live cattle closed $1.25 higher at $181.67. Additionally, August feeder cattle closed $3.07 higher at $262.90, and September feeders closed $2.62 higher at $263.75.

Direct cash cattle trade activity remained relatively quiet, with a few deals reported in Kansas at $187 live. However, asking prices ranged from $188 to $190 live in the South, with no established prices in the North. This lack of activity could lead to a standoff between buyers and sellers, especially with the impending USDA report.

At the Hub City Livestock Auction in South Dakota, the market saw a mix of lower and steady prices for steers and heifers. Demand was reported as good to very good for loads and strings, with moderate to good demand for packages. The market was active, with receipts down on the week but up on the year.

In the lean hog market, futures ended the day lower due to pressure from steady to lower cash business and lower midday pork prices. Cash hog prices closed mixed, with processors showing moderate demand. The industry continues to monitor the availability of market-ready hogs as slaughter pace remains slightly above last year’s levels.

Overall, the livestock market remains active and responsive to global and domestic demand for beef and pork products. Traders and industry participants are closely watching market trends and reports to make informed decisions in the coming days.