LIVESTOCK-CME cattle futures climb on cash, boxed beef strength
By Renee Hickman
CHICAGO, May 29 (Reuters) - Chicago Mercantile Exchange cattle futures rallied on Thursday following a two-day decline, lifted by strong cash cattle markets and rising wholesale beef prices, traders said.
Benchmark CME August live cattle futures LCQ25 rose 1.900 cents to settle at 210.075 cents per pound and August feeder cattle FCQ25 ended up 4.300 cents at 299.925 cents per pound.
On the cash side, market-ready cattle traded in Texas and Kansas at $222 per hundredweight (cwt), up $1 to $3 from last week, the U.S. Department of Agriculture reported.
"Cash trade was pretty strong again," said Austin Schroeder, senior commodity analyst at Brugler Marketing and Management, adding that rising boxed beef prices also lent support.
The USDA priced choice cuts of boxed beef at $366.09 per cwt on Thursday afternoon, up 67 cents from Wednesday, while choice cuts were up $1.90 at $353.64.
Hog futures closed lower, shrugging off support from firm wholesale pork and cash hog prices. CME June hog futures LHM25 settled down 0.250 cent at 100.025 cents per pound and July hogs LHN25 fell 0.325 cent to finish at 102.975 cents.
The USDA priced pork carcasses on Thursday afternoon at $104.62 per cwt, up $2.22 from Wednesday.
The CME's Lean Hog Index .IHX, a two-day weighted average of cash prices, was up 0.47 cent at 93.52 cents per pound.
Market players await the USDA's weekly export sales report, which was delayed until Friday due to Monday's federal holiday.
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