USDA Reports Boost Cattle
Mixed reaction to government inventory reports led to slight advances in cattle futures prices, while live hogs were mixed and frozen pork bellies were mostly lower in trading Tuesday on the Chicago Mercantile Exchange.
The USDA reports showed the nation’s cattle herd was at 116.3 million head as of July 1, down 4% from last year. In addition, cattle on feedlots--those going to the consumer beef market--were at 8.66 million head, the lowest midyear feedlot count in four years.
The reports were considered bullish and led to a flurry of buying in the cattle pits, said Chuck Levitt, a livestock analyst with Shearson Lehman Bros. in Chicago.
However, the cash cattle market failed to respond favorably to the news, which limited advances, he said.
Grain and soybean futures prices reversed an early rally and were mostly lower in trading on the Chicago Board of Trade.
Precious metals fell in light trading on the Commodity Exchange in New York.
Heating oil and leaded gasoline advanced and crude oil was mostly higher in trading on the New York Mercantile Exchange.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
