Cattle Futures Rise on Supply Concerns; Hogs Are Steady
Cattle futures rose for the second time in three sessions on signs of fewer animals available for slaughter next month. Hogs were little changed.
Feedlots had 11.3 million head of cattle as of Dec. 1, down 6 percent from a year earlier, the U.S. Department of Agriculture said on Dec. 21. Futures advanced to a record $1.345 a pound on Dec. 19.
“I think the market remains firm once we get into January as they have substantially less contract cattle around for the first couple months of next year,” Troy Vetterkind, the owner of Vetterkind Cattle Brokerage LLC, said in a report.
Cattle futures for February delivery rose 0.3 percent to $1.3365 at 10:02 a.m. on the Chicago Mercantile Exchange. The price through Dec. 24 rose 9.7 percent this year. The market was closed yesterday for Christmas.
Feeder-cattle futures for March settlement gained 0.3 percent to $1.547 a pound.
Hog futures for February settlement rose less than 0.1 percent to 87.575 cents a pound. The most-active contract through Dec. 24 gained 3.9 percent this year.
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