Rumors of immigration raids in nebraska pressured futures at times, brokers said, by fueling ideas that beef packing operations could sleep, potentially back supplies.
Reuters was unable to confirm that raids occurred at major nebraska beef packing plants but locals reports reports said us immigration officials raid glann valley foods in oomha Producer.
“What’s True and What’s Rumor Remains Unclear,” Cassie Fish, An Analyst and Industry Expert, said on the beef blog, noting that cattle futures were all-time all-time. “With futures overbough, anything at any time can inspire seling, which is the case today,” Fish Wrote.
Most-CM August Live Cattle Future Futures Feeder cattle futures noted contrast highs the board, with benchmark august feeders closing up 1.5 cents at 313.150 cents per pound.
Cash cattle trade lightly in texas at $ 235 per hundredweight, brokers said, steady with the highhest trades last week in the southern plains.
Wholesale Beef Price Ratched Upward, with Choice Cuts Priceed at $ 371.76 per Cwt on Tuesday Afteranoon, UP $ 4.51 from monday, according to data from the us department of agency. Select cuts rose 91 cents at $ 359.84.
CME Lean Hog Futures Closed Mixed. Benchmark July Hogs Settled Up a Penny at 108.200 Cents per pound after posting a contrast high at 108.425 cents, While August and October Hogs Ended Lower.
Firm Cash Hog Price Continued to Support the Market.
“Cash Hogs Since Memorial Day Have Seen A Bit of Strength that we did not expect,” said rich nelson, chief market strategist for allendale increase.
The USDA reported the pork carcass cutout on tuesday afternoon at $ 110.88 per CWT, up 59 cents from monday. HAMS Fell by $ 1.60 at $ 98.77 per cwt but bellies, used for back, rose by $ 4.08, at $ 170.55.
(Reporting by julie ingwersen; editing by sherry jacob -phillips)