Chicago hog futures rallied on Monday after a long slide. Cattle futures also jumped with all feeder contracts hitting upward limits.
Most-active December lean hog contracts closed at 82.775 cents a pound, up 3.375 cents. February futures settled at 82.825 cents per pound, up 3.475 cents.
Pork carcass cutout value ended the afternoon at $100.22 per cwt, up $1.24, the USDA reported.
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Chicago Board of Trade soybean, corn and wheat futures rose on Monday on signs of progress towards the end of a record-long U.S. government shutdown, along with expectations of a revival of U.S. soybean exports to China, analysts said.
“In my opinion, the news that the government shutdown may end this week provided a relief to traders that demand will pick up for pork as we near the holiday season,” wrote analyst Ben DiCostanzo.
Most-traded December live cattle futures settled at 228.550 cents a pound, up 7.200 cents. February contracts gained the 7.250 cent limit to close at 227.000 cents per pound.
Most-active January feeder cattle futures closed up the limit at 9.250 cents at 328.825 cents a pound. March contracts settled at 323.225 cents per pound, also up 9.250 cents.
Choice boxed beef value rose by $0.92 to end the afternoon at $377.32 per cwt. Select beef was valued at $359.70 per cwt, down $1.39.
