Cattle Futures Gain on Signs of Higher Beef-Export Demand
Cattle futures rose on signs of increasing demand for U.S. beef and shrinking animal supplies. Hogs fell.
Beef-export sales were 23,722 metric tons (52.3 million pounds) in the week ended Dec. 20, up 24 percent from the four- week average, U.S. Department of Agriculture data showed today. Yesterday, wholesale beef rose to the highest in almost two weeks. Feedlots have fewer cattle available for sale, said Lane Broadbent, a vice president at KIS Futures in Oklahoma City.
“Our show-list size continues to get tighter,” Broadbent said in a telephone interview. “After the first of the year, beef demand usually shows back up again” because people have been eating turkey and ham for the Thanksgiving and Christmas holidays, he said.
Cattle futures for February delivery rose 0.2 percent to $1.3335 a pound at 10:23 a.m. on the Chicago Mercantile Exchange. Through yesterday, the price gained 9.6 percent this year.
Feeder-cattle futures for March settlement climbed 0.4 percent to $1.543 a pound.
Hog futures for February settlement fell 0.1 percent to 86.9 cents a pound. Through yesterday, the price climbed 3.2 percent this year.
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