Cattle futures edged higher Thursday… Rabobank expects Chinese pork production losses of 25% to 35%, due to African Swine Fever. …coming up on your Cattle Current Market Update with Wes Ishmael.
Cattle futures worked their way higher Thursday, helped along by Lean Hog futures once again. Lean Hogs were buoyed by data from USDA’s Foreign Agricultural Service indicating 77,700 metric tons of U.S. pork sold to China last week.
Live Cattle futures closed an average of 30¢ higher.
Feeder Cattle futures closed an average of 63¢ higher (25¢ higher to $1.17 higher in the back contract).
Corn futures closed fractionally lower to 2¢ lower.
Soybean futures closed mostly 5¢ to 7¢ lower.
Wholesale beef values were steady on Choice and firm on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 22¢ lower Thursday afternoon at $228.83/cwt. Select was 33¢ higher at $219.95.