Cattle futures on the Chicago Mercantile Exchange were stronger on Friday, hitting fresh highs to end the week.
Threats of U.S. tariffs on imports from Brazil remained supportive, as the South American country is a major beef supplier. Thursday’s move by the U.S. to restrict Mexican cattle from entering the country contributed to the strength in the futures.
August feeder cattle futures were up by 4.050 cents per pound at 325.325 cents per pound.
The August live cattle contract gained 2.975 cents per pound at 222.975 cents at the close.
The U.S. Department of Agriculture reported wholesale boxed beef prices were mixed Friday morning, with choice boxes down $1.11 at $383.55 per hundredweight and select boxes up $1.52 at $372.38.
Lean hog prices were down 1.550 cents per pound in the August contract at 104.675 cents.
