Hog futures continue to surge - CME
April live cattle dropped 0.9 cent per pound
21 February 2022
1 minute read
By: Chicago Mercantile Exchange (CME) hog futures rose for the sixth straight session on Friday, with the market underpinned by strong domestic demand and tight supplies as slaughter numbers lagged well behind the 2021 pace, reported Reuters.
Traders also noted technical buying helped accelerate the gains.
April lean hog futures gained 1.825 cents to 109.4 cents per pound, hitting a new contract high and settling above the high end of its 20-day Bollinger range.
The front-month contract topped out at 109.825 cents, its highest since 13 August. The front-month contract has risen 21% during the streak.
The number of hogs slaughtered rose to 474,000 head, 9,000 higher than Thursday and flat with week-ago levels. A year ago, the hog slaughter totalled 484,000 head, the US Agriculture Department (USDA) said.
April live cattle dropped 0.9 cent to 145.875 cents per pound. March feeder cattle fell 0.775 cents to 165.425 cents per pound.
Cattle slaughter fell by 1,000 head to 121,000. A week ago, the cattle slaughter was reported at 120,000 head.
