CHICAGO, April 26 (Reuters) - U.S. live cattle futures
gained on Monday, supported by Friday's monthly Cattle on Feed
report that showed smaller-than-expected placements, traders
Chicago Mercantile Exchange June live cattle futures
settled 0.550 cent higher at 116.275 cents per pound while the
August contract ended 1.100 cents higher at 117.950
"It wasnt as large a number, relative to a year ago, as
everyone thought," said Alan Brugler, president of Brugler
After the CME close on Friday, the U.S. Department of
Agriculture said the number of cattle placed in U.S. feed lots
during March was up 28% from a year earlier - lower than analyst
Feeder cattle futures were mixed, with CME August feeders
adding 0.400 cent to close at 150.300 cents per pound,
though nearby contracts slid as benchmark Chicago Board of Trade
corn futures climbed to an eight-year high at $6.57-1/2
per bushel, indicating higher feed costs.
Boxed beef prices climbed on Monday, with choice cuts
gaining $1.43 to $285.20 per cwt., while select cuts added $2.22
to 274.35 per cwt.
Cash cattle trade was steady, with trade ranging from $118
in Kansas to $121 in Nebraska late last week, according to the
Lean hogs continue climbing higher as pork demand is set to
strengthen heading into the summer, while supply remains tight.
"Youre drawing down against current production, you dont
have any cushion in the cold storage and were going to get into
the time period when we dont have as large of a slaughter,"
CME June lean hogs gained 1.125 cents to 106.850
cents per pound.
The CME's lean hog index, a two-day weighted average of cash
prices, climbed to $106.51 per cwt, its highest since October
(Reporting by Christopher Walljasper; Editing by Dan Grebler)