Lean hog futures continue to slide

Chicago Mercantile Exchange (CME) live cattle and feeder cattle rose on Thursday, as demand surged ahead of Mother's Day and the start of grilling season, Reuters reported, citing analysts.

A tight cattle supply and strong demand from consumers and retailers has propelled cattle futures higher, while hog futures chopped sideways amid a lack of fresh news and lackluster demand.

CME June live cattle futures settled 1.725 cents higher at 214.25 cents per pound. August feeder cattle futures FCQ25 rose 2.65 cents to end at 301.25 cents per pound.

"We're still in the prime of our demand season," Matthew Wiegand, broker at FuturesOne, said. "Longer-term demand may be a bigger concern."

Despite some worries about price-conscious consumers shying away from pricey beef, boxed beef prices have held strong so far.

Choice cuts of boxed beef rose $1.65 to $347.80 per hundredweight on Thursday morning, while select cuts rose 58 cents to $334.58 per hundredweight, according to the US Department of Agriculture data.

Meanwhile, rising equities markets have also buoyed cattle futures. Global equities rose on Thursday, with Wall Street outperforming, while the dollar and Treasury yields also gained after the United States and the United Kingdom outlined a trade deal.