Hog prices slide under pressure from ample supply - CME

Chicago Mercantile Exchange (CME) live cattle futures climbed to fresh contract highs on Thursday as a firm cash market and stabilizing beef prices supported the market, Reuters reported, citing analysts.

Feeder cattle were flat to higher, with nearby contracts consolidating after recent strong gains, although the market remains well supported by tight supplies.

Beef packers are expected to pay higher prices for cattle this week to replenish inventories and sales prices at some Plains feedlot markets were up $4 to $5 per hundredweight already this week.

"Cattle showed solid gains to start the session as boxed beef is showing signs of stabilizing after its recent sell-off. We had heavier cattle deliveries early in the week, but these have slowed, and packers are again needing to extend coverage," said Karl Setzer, partner at Consus Ag Consulting.

CME December live cattle ended 1.100 cents higher at 247.875 cents per pound after hitting a contract high of 248.300 cents. All other live cattle months also notched new life-of-contract highs.

The benchmark November feeder cattle contract came within 0.300 cent of its lifetime high and settled 0.275 cents higher at 380.950 cents per pound. Spot October and the January through May 2026 contracts posted fresh highs.

The choice boxed beef cutout dropped by $1.00 per cwt to $265.48 in Thursday's early US Department of Agriculture report, but remained within a recent $4 range after a sharp drop in September. Select cuts were up 11 cents at $349.27 per cwt.