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Chicago Mercantile Exchange (CME) live cattle futures gained strength on Tuesday on technical trading, analysts said, while lean hog futures rose for a second day as traders anticipated growing export demand, reported Reuters.

Exports of U.S. beef totaled 103,980 mt in September, up 5% year-over-year, while export value climbed 6% to $843.8 million, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). January-September exports increased 5% in value to $7.82 billion, despite volume falling 2% to 960,814 mt.

The return of drought in U.S. cattle-producing areas is delaying ranchers' plans to expand production after the country's herd shrank to its lowest level in seven decades, farmers and analysts said. The tight supply of cattle is putting pressure on meat processors, including Tyson Foods, which reports quarterly earnings on Tuesday, and on consumers facing high meat prices. Beef producers had hoped rains would encourage farmers to begin rebuilding their herds in 2024, after years of drought scorched grasslands and forced more animals to be sent to slaughter. Instead, the drought has worsened in the past two months, in a new blow to processors who must pay to buy limited supplies of cattle. In the United States, 62% of cattle were in areas suffering from drought at the end of October, the highest rate since 1998.