LIVESTOCK-CME cattle futures higher as Wall Street indexes rally

CHICAGO, March 23 (Reuters) - Chicago Mercantile Exchange cattle futures turned higher on Monday as equity markets rallied while traders continued to eye the week's cash trade, analysts said.

The three main U.S. stock indexes finished Monday's session up more than 1% as oil prices fell after President Donald Trump said he had ordered the military to postpone strikes against Iranian power plants following "productive conversations" with Tehran.

"Outside markets are being traded today," said Altin Kalo, economist at Steiner Consulting Group.

CME June live cattle LCM26 settled 1.225 cent higher to 234.65 cents per pound. CME April feeders FCJ26 finished up 1.30 cent to 352.475 cents per pound.

Traders largely put Friday's U.S. Department of Agriculture cattle on feed report in the rearview mirror.

The USDA reported after the session ended that cattle and calves on feed for the slaughter market in the U.S. for feedlots with capacity of 1,000 or more head totaled 11.55 million head on March 1, slightly below March 1, 2025, which totaled 11.58 million head and above the trade estimate of 99.3 percent of 2025's total.

On Monday, the U.S. Department of Agriculture reported choice cuts of boxed beef fell 61 cent to $399.50 per hundredweight (cwt), and select cuts rose 62 cents to $393.56 per cwt.

Beef packer margins rose to $118.20 per head on Monday, up from $57.10 per head a week ago, according to livestock marketing advisory service HedgersEdge.

Hog futures ended nearly unchanged amid a lack of fresh news.

CME June lean hog futures LHM26 ended down 0.075 cent at 104.40 cents per pound.