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PFE Pfizer Inc

27.78
0.08 (0.29%)
Pre Market
Last Updated: 11:58:10
Delayed by 15 minutes
Share Name Share Symbol Market Type
Pfizer Inc NYSE:PFE NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.08 0.29% 27.78 15,477 11:58:10

U.S. Cattle Futures Rise Ahead of Cash Trade; Hogs Up

09/09/2014 4:34pm

Dow Jones News


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--Cattle futures climb on cash market expectations

--Tight supplies drive feeder-cattle futures to fresh intraday peaks

--Hog futures lifted by buying across livestock markets

 
   By Kelsey Gee 
 

CHICAGO--U.S. cattle futures are rising early in the session Tuesday, following a sharp drop the prior session as traders assess the supply outlook for market-ready animals in the months ahead. Feeder-cattle futures, meanwhile, are climbing to fresh all-time highs as the herd remains historically small.

October live-cattle are up one cent at $1.59525 a pound at the Chicago Mercantile Exchange. Feeder-cattle futures for October recently gained 1.35 cents to $2.2850 a pound, a fresh intrasession peak.

"There's enough demand on an export basis to keep beef moving, which has led people to expect higher prices will be paid for cattle this week," said Brian Hoops, president of brokerage Midwest Market Solutions in Springfield, Mo.

If retailers and export buyers are willing to pay historically lofty prices for wholesale beef items, processors have more incentive to bid aggressively for cattle in the cash markets. Last week, prices for cattle surged as feedlot operators slowed the pace of sales, as they face record-high costs for replacement feeder-cattle.

However, while export buyers continue to pay record prices for beef and pork, volumes have dropped slightly, according to federal data.

Red meat exports from the U.S. dropped in July, according to the U.S. Department of Agriculture, for the first year-over-year decline in volume for both beef and pork in 2014. July beef exports slipped 15% to 101.8 metric tons, while pork shipments fell 3% to 173.3 metric tons, as wholesale prices surged to all-time records amid supply constraints due to drought and disease.

The feeder-cattle market remains underpinned by a sharp drop in the cost of staple feed ingredients like corn, which can free up cash for feedyard operators to fill yards with more lightweight animals.

Hog futures are also rising after a jump in wholesale pork prices, also supported by buying across the livestock markets. October hog futures recently advanced 1.45 cents to $1.0452 cents a pound.

Write to Kelsey Gee at kelsey.gee@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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