Cattle, hog futures weaken as feed costs rise - CME
Corn futures jumped to their highest in 10 years on Thursday
28 April 2022
1 minute read
By: CME cattle futures fell on Wednesday as traders assessed higher feeding costs due to a sharp gains in corn, reported Reuters.
Hog futures were also weak, falling for the sixth time in seven sessions, with prospects for more COVID-19 lockdowns in China further chilling the already weak export demand from the world's top consumer of pork.
Feeder cattle contracts notched the biggest decline, with the most-active August contract shedding 2.4% and hitting its lowest since November 2.
"The unending rally in corn is certainly the focus," said Rich Nelson, analyst at Allendale Inc.
Chicago Board of Trade (CBOT) corn futures jumped to their highest in nearly 10 years on Thursday.
Benchmark June lean hogs settled down 0.825 cent at 110.35 cents per pound.
Technical support for June hogs was noted at the low end of its 20-day Bollinger range for the second day in a row.
CME June live cattle futures dropped 1.225 cents to settle at 135.025 cents per pound, falling below their 20-day, 30-day, 40-day and 200-day moving averages.
CME feeder cattle also were weaker, with May dropping 3.375 cents to 157.35 cents per pound and most-active August feeders down 4.2 cents at 168.95 cents a pound.
