Lean hog, feeder cattle futures rise - CME
Most-active June contract jumps 2.4%
24 March 2022
1 minute read
By: Chicago Mercantile Exchange (CME) hog futures rallied on Wednesday, with the most-active June contract jumping 2.4% and hitting an all-time high, supported by rising pork prices and strength in the cash market, reported Reuters.
CME April lean hog futures rose 2.3 cents to end at 102.55 cents per pound. Most-active June hogs gained 2.9 cents to finish at 122.975 cents per pound. The June contract closed above the high end of its 20-day Bollinger range for the first time since 22 February.
CME's most-active June live cattle gained 0.275 cent to 135.975 cents per lb. The contract rose above its 20-day moving average.
May feeder cattle futures rose 0.375 cent to 165.8 cents per lb.
The US Department of Agriculture (USDA) said after the markets closed that pork belly stocks in cold storage totalled 50.139 million lbs as of 28 February, up from 37.556 million lbs a year earlier.
Beef stocks in cold storage rose to 532.502 million lbs from 512.528 million lbs at the end of February 2021.
Choice cuts of boxed beef rose by $1.39 to $261.36 per cwt by Wednesday morning, according to USDA data. Select cuts gained $1.20 to $253.09 per cwt.
