CME/CBOT closed for Thanksgiving today
Live cattle futures at the Chicago Mercantile Exchange (CME) fell on Wednesday during thin pre-Thanksgiving trade, although analysts said market fundamentals remained supportive, Reuters reported.
The Chicago Board of Trade (CBOT) will be closed on Thursday for the US Thanksgiving holiday.
Reductions in beef cold storage supplies last month should be supportive after the Thanksgiving holiday, said Altin Kalo, economist at Steiner Consulting Group.
“There’s more beef out there, but the drawdown in inventory was quite substantial in October,” he said.
Boxed beef values were mixed on Wednesday, with choice cuts falling $3.22 to $253.41 per cwt, while select cuts gained 33 cents to $234.51, the US Department of Agriculture said.
Most-active CME February live cattle futures eased 1.000 cents to 155.425 cents per pound. Nearby December live cattle fell 0.450 cents to finish at 153.350 cents per pound.
CME January feeder cattle lost 2.425 cents to 179.250 cents per pound.
CME lean hog futures also eased on Wednesday, although Kalo noted underlying support in hogs as well.
“The thing that sticks out the most to me is what’s going on with hog carcass weights. Usually you see those moving higher this time of year, and they’re not. That tells you the producer is pretty current.”
The most-active February lean hogs contract settled 1.275 cents lower at 88.800 cents per pound.