Labor Day futures

Chicago Mercantile Exchange (CME) live cattle futures ended higher on Friday, September 2. The cause was expectations of higher cash cattle prices due to Monday’s federal US Labor Day holiday: while workers were taking a rest, futures were working their way up!

• CME October live cattle futures settled up, and CME October feeder cattle followed. 
• The dollar cooled, supporting commodities, and data showed the US labor market is starting to loosen. 

The cash market is going to stay firm – or at least that is the expectation, says Doug Houghton, Analyst at Brock Capital Management.

• In the US wholesale beef market, choice and select cuts rose, according to the USDA. 
• CME lean hog futures closed lower, pressured by falling cash hog prices that are seasonally increasing hog supplies. But hog weights will probably start to go back up again soon.
• Wholesale pork prices steadied a day after falling to the lowest level since mid-May.