Cattle futures rise following lower USDA feedlot placement report

Cattle futures on the Chicago Mercantile Exchange rose following a USDA Cattle on Feed report that showed lower-than-expected placements. The report indicated that US cattle on feed stood at 11.163 million head, a 0.7% increase from the previous year, which was lower than the 1.7% increase analysts had anticipated. August placements fell 9% year-on-year, marking the lowest August total since records began in 1996.

In specific market movements, October live cattle closed higher, while feeder cattle futures saw some declines. Boxed beef prices also showed strength in certain segments. Conversely, hog futures faced downward pressure, with some contracts hitting lows due to a seasonal increase in US hog supplies.

Additionally, the USDA announced plans to resume livestock imports from Mexico through a port in New Mexico next week. This follows a phased reopening process after imports were previously halted to prevent the spread of the New World screwworm parasite.