Chicago Mercantile Exchange February lean hog futures rose nearly 3 percent on Tuesday and set a contract high, buoyed by firmer cash hog prices and spreading against cattle futures, traders said.
Chicago Mercantile Exchange live cattle and lean hog futures rose to life-of-contract highs on Tuesday, lifted by investment fund buying linked to optimism that meat prices will continue to rise, traders said.
Five Hereford breeders banded together to sell a heifer that helped generate $40,800 in donation funds for wildfire relief efforts for northern California ranchers.
Green Plains Cattle Co. continues to grow after buying Bartlett Cattle Company's two feedlots, leaving Bartlett & Co. with no feedlots and raising Green Plains capacity to 355,000 head.
Chicago Mercantile Exchange lean hog futures climbed to a five-week high on Tuesday, bolstered by technical buying and gains in prices for cash hogs and pork, traders said.
U.S. live cattle futures bounded to life-of-contract highs for the third straight session on Wednesday, rising on expectations that beef packers will continue paying higher prices in Plains cash markets.
Chicago Mercantile Exchange live cattle hit a two-week high on Thursday, driven by short-covering and futures’ discounts to this week’s prices for slaughter-ready, or cash, cattle, said traders.
U.S. beef packers including Tyson Foods and Cargill are racking up historically high margins, thanks to slumping cattle prices amid a supply glut and as Americans turn to beef for their backyard summer barbecues.
There are several big storylines in the cattle industry with the number of cattle on feed and a wall of cattle on its way to a store near you being one of the big headlines.
Most Chicago Mercantile Exchange live cattle contracts on Thursday posted modest losses after a volatile session, as investors waited for cattle in the U.S. Plains to change hands, traders said.
Beef production could be at an all-time high as herd expansion continues after beef producers experience their second most profitable year in history in 2017.