LIVESTOCK-Cattle futures close higher in range-bound trade
By Julie Ingwersen
CHICAGO, June 4 (Reuters) - Live cattle futures on the Chicago Mercantile Exchange settled higher on Wednesday but stayed inside of the previous day's trading range, underpinned by tight cattle supplies, firm cash markets and strong wholesale beef prices.
CME August live cattle futures LCQ25 settled up 2.600 cents at 212.350 cents per pound but stayed below a three-week top set a day earlier. CME August feeder cattle FCQ25 ended up 2.650 cents at 303.875 cents per pound.
The U.S. Department of Agriculture priced choice cuts of boxed beef at $365.16 per hundredweight (cwt) on Wednesday afternoon, down 28 cents from Tuesday but near last week's peak of $366.34, the highest level in five years. Choice cuts were up 20 cents at $356.72.
Lean hog futures closed mostly higher with most-active July hogs LHN25 up 0.450 cent to settle at 105.025 cents.
The USDA reported the pork carcass cutout on Wednesday afternoon at $106.62 per cwt, up 51 cents from Tuesday.
Market players await the USDA's weekly export sales report due on Thursday for a gauge of export demand for U.S. beef and pork.
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