CME feeder cattle futures firm ahead of Memorial Day holiday

Chicago Mercantile Exchange feeder cattle futures were firmer on Friday with a strong cash cattle trade and traders positioning just before the U.S. Memorial Day weekend, according to market analysts.

CME most-active August feeder cattle (FCQ25) settled up 0.600 cent at 300.375 cents per pound.

The nearby CME June live cattle contract (LCM25) ended up 0.175 cent at 215.800 cents per pound.

But the most active August live cattle contract (LCQ25) fell 0.05 cent to 210.450 cents per pound.

Most actively traded July lean hogs lost 0.500 cent to finish at 101.550 cents per pound.

Cattle futures were supported by cash cattle trading sharply higher this week, according to Don Roose, president of U.S. Commodities.

"Demand is still with us, underneath the market," said Roose.

Meanwhile, traders will be assessing the sell-through rate for meat at stores over the long Memorial Day weekend.

The U.S. Department of Agriculture's cattle on feed report was released after the close of the trading session, and showed fewer May cattle on feed lots than trade expections, but more April cattle.

"I would call it neutral bullish," said Roose of the report.

Boxed beef prices were on the rise on Friday. Choice cuts of boxed beef were up $0.58 to $361.55 per hundredweight (cwt), while select cuts rose $2.37 to $351.32 per cwt, USDA data for Friday afternoon showed.

In wholesale pork values, the USDA reported carcass values were up $1.19 to $101.46 per cwt on Friday afternoon, while bellies were up $1.64 to $144.71 per cwt.