By Karl Plume Chicago, October 6 (Reuters) – Chicago Mercantile Exchange Cattle Futures rose for a second straight session on Monday, supported by technical buying and as beef prices grew higher after a month -long decline, analysts said. Certainty supplies have also continued to support the market, as imports remained from Mexico due to the northward distribution of the carnivorous screwworm parasite south of the border. The Mexico Ministry on Monday reported another case of screwworm in Nuevo Leon State, bordering the United States. The livestock offerings’ concerns helped the futures to expand profits after a recent slide despite negative cattle plant margins that Packers were reluctant to bid for cattle. “Packer margins are in the red of a softer wholesale market and are not prepared to expand bid. However, Boxed Beef has firm these days, and has given the complicated support,” says Karl Setzer, partner at Consus AG Consulting. “A strict replacement supply was also supportive for the feeding contracts,” he added. The US Department of Agriculture said the choice of cutting out beef rose on Monday to $ 363.34 per hundred weight, higher than $ 1.07 from Friday’s two -month low. The selected cutout was $ 2.59 at $ 347.97 per CWT. However, Beef Packer -Margins remained deep in the red, with Packer losses Monday, estimated at $ 220.75 per head, off losses of $ 187.85 per head a week ago, according to Hedgersedge, advisory service for livestock marketing advice. CME December -living cattle rose by 2,175 cents to finish 236,675 cents per pound. CME November feeder cattle rose 5,375 cents to finish by 360,800 cents per pound. Lean Hog Futures mostly ended up with the rising cattle markets. CME December Hogs closed 0.025 cents lower to finish 87,275 cents per pound, while deferred contracts were higher. (Reporting by Karl Plume; Editing by Sahal Muhammad)
Beef firm as beef prices become higher, the stock remains tight
