Hog futures steady as USDA report signals stable herd
Cattle futures edge higher amid demand uncertainty
27 March 2026
1 minute read
By: Chicago Mercantile Exchange (CME) live and feeder cattle futures ticked higher on Thursday as traders continued to eye whether consumers will push back against high beef prices, Reuters reported, citing analysts.
An ongoing strike at the JBS meatpacking plant in Greeley, Colorado, has largely been priced into the market but has provided a ceiling to prices.
CME June live cattle settled 0.95 cent higher to 234.80 cents per pound. CME April feeders finished 1.725 cents higher at 355.075 cents per pound.
The US Department of Agriculture (USDA) reported on Thursday afternoon that choice cuts of boxed beef fell $1.84 to $389.85 per hundredweight (cwt), and select cuts fell $3.83 to $391.66 per cwt.
"The focus is on the demand discussion and whether we'll see consumer pushback to high gas prices. We're not seeing massive consumer pushback yet, but it's something we'll watch," said Rich Nelson, analyst at Allendale.
Consumers often pull back on purchasing beef, typically the priciest meat in grocery stores and restaurants, when they are feeling financially pinched.
The USDA's hogs and pigs report released after the close of trade showed the total hog herd was roughly the same as the previous year, while analysts surveyed by Reuters on average had expected the government to show a slightly larger herd, at 100.9% of a year ago.
"It was moderately supportive. We were concerned that hog slaughter would be 2% over last year, but now it's only a minimal increase from last year," Nelson said.
Hog futures were nearly unchanged.
CME June lean hog futures ended up 0.175 cent to end at 104.30 cents per pound.
