LIVESTOCK-U.S. live cattle set six-month high on fund buying, firm cash prices
November 1, 2019 / 5:01 PM
CHICAGO, Nov 1 (Reuters) - U.S. live cattle futures shot to a six-month high on Friday and feeder cattle reached their highest prices since May on fund buying and strength in the cash market, analysts said.
Chicago Mercantile Exchange (CME) December live cattle settled up 2.3 cents at 119.525 cents per pound after reaching 119.7 cents, its highest level since April 25.
CME most-active January feeder cattle futures climbed 1.325 cents to 146 cents per pound after jumping to 146.7, its highest price since May 10.
Fund buying continued to support cattle, and the cash market is firming up, said Don Roose, president of Iowa-based broker U.S. Commodities.
Cash cattle traded this week at $112 per cwt in Kansas and Texas, up from about $110 last week, according to traders. Boxed beef prices were also stronger for choice and select cuts.
U.S. beef packing companies were earning an estimated $326.80 per head of cattle, up from $290.75 a week ago, according to Denver-based livestock marketing advisory service HedgersEdge.com LLC. Pork packing companies were making an estimated $50.15 per hog, up from $35.15 a week ago.
Hog futures ended mixed, with the CME December contract slipping 1.55 cents to 64.45 cents per pound.
Traders continue to watch for increased export demand...