We just need something to happen one way or the other because this uncertainty is killing us, said Country Hedging analyst Tregg Cronin.
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CME live cattle spot December, which will expire from trading on Monday, closed 0.55 cent per pound higher at 129.4 cents. Most-actively traded February ended at 133.575 cents, up 0.525 cent.
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U.S. hog futures fell due to investor caution ahead of Friday afternoons quarterly hog report by the the U.S. Agriculture Department, analysts and traders said.
January closed 0.75 cent/lb. higher at 152.025 cents. March was up 0.975 cents to 154.725 cents.
Feeder cattle futures rallied with the higher live cattle market and pre-holiday short-covering.
Nervousness surrounding budget talks in Washington kept Chicago Mercantile Exchange (CME) livestock market investors on the defensive because of implications for consumer demand for goods, including high-end meat cuts.
Analysts expect the USDA data, due at 2 p.m. CST, to show the U.S. hog herd declined slightly after a summer that saw historic drought push feed costs to record highs.
While some packers raised bids for cash hogs to ensure themselves of supplies after the New Years holiday, satellite tv providers Satellite Providers others pressured cash bids as their margins struggled.
You have to be impressed that packers bought cattle at higher prices given their poor margins, lacklustre beef demand and before the holiday-shortened workweek, a trader said.
Also, packing plants will be closed at least one day during next weeks holiday, college education reducing their needs for hogs.
Cattle rebound with cash
Live cattle futures rebounded from Thursdays losses, helped by higher cash cattle prices that stirred short-covering, traders and analysts said.
USDA data Friday morning showed the average hog price in the western Midwest market at $81.64 per hundredweight (cwt), up 31 cents from Thursday, but down 68 cents in the eastern region to $79.95.
The average pork packer margin for Friday was a negative $5.70 per head, compared with a negative 90 cents on Thursday and a negative $3.75 on Dec. 21, according to HedgersEdge.com.
The price for wholesale choice beef Friday morning was $193.43 per cwt, down 83 cents from Thursday,children education. and select cuts rose 81 cents to $180.30, USDA said.
CME hogs for February settled 0.65 cent per pound lower at 86.375 cents. April ended at 90.125 cents, 0.825 cent lower (all figures US$).
HedgersEdge.com put the average beef packer margin for Friday at a negative $62.60 per head, live stock market prices US hog futures dip ahead of USDA reportcompared with a negative $57.55 on Thursday and a negative $53.55 on Dec. 21.
Cash cattle in Texas and Kansas traded at $127/cwt, up $1 from last week, feedlot sources said. Slaughter-ready sales stalled in Nebraska after a small number of cattle moved at $127 on Thursday,aduedu3036.typepad.com. they said.
-- Theopolis Waterswrites for Reuters from Chicago.
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