Chicago | Reuters—Chicago Mercantile Exchange (CME) cattle futures turned higher on Tuesday, as continued strength in wholesale prices eased concerns about consumer demand – even as investors grew nervous about ongoing inflationary concerns and rising consumer prices, traders said.
Meanwhile, lean hog futures continued to firm amid news that China’s hog sales rose last month, an indication that the country’s hog inventory is showing signs of stabilizing, traders said.
The U.S. Department of Agriculture reported Tuesday morning that choice boxed beef cutout prices were $302.70 per hundredweight (cwt), up 63-cents from Monday, while select cutout was at $301.97 per cwt, up $1.70.
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