According to Reuters, the Chicago Mercantile Exchange's (CME) lean meat on Thursday as markets made up for recent losses, driven by short-term hedging and hopes that cash may have bottomed out.
Feed cattle have also appeared, and live cattle have strengthened.
cme February lean meat *** 375 cents and closed at 70 per pound475 cents, the highest price since Dec. 4. This was when the market hit the lowest price of the Nov. 28 contract at 65A reversal after 8 cents.
Export demand for U.S. pork has supported the market, an analyst said. U.S. pork export sales in 2023 were 28,200 metric tons in the week ended Dec. 7, up 9% from the previous week and 15% from the previous four-week average, according to the U.S. Department of Agriculture (USDA).
Weekly export sales of U.S. beef also increased. USDA said net sales in 2023 were 10,600 metric tons, up 67% from the previous four-week average.
CME Feed Cattle for January *** 1975 cents at 219 per pound350 cents, the highest price since Nov. 30. Live cattle in February *** 0700 cents, closed at 167 per pound925 cents and stay within Wednesday's trading range.
After falling to a 14-month low last week, live cattle **slightly**. U.S. farmers cut back on livestock numbers earlier this year due to drought-led pastures, which has led to a significant increase in the market.
According to the USDA, an estimated 125,000 cattle were slaughtered on Thursday, compared with 126,000 in the same period last week and 122,000 in the same period last year.
The USDA sets the ** for select beef cuts at $292 per 100 pounds$32, 068 USD.
This article was published on The Cattle site
Translation: Zhongjin Meat Chain.