US lean hogs end lower - CME
Live cattle, feeder cattle futures rise
2 August 2022
1 minute read
By: Chicago Mercantile Exchange (CME) live cattle futures edged higher on Monday, supported by rising feeder cattle values and firm wholesale beef prices as Labour Day, the last big grilling holiday of summer, approaches, reported Reuters.
CME August live cattle futures settled up 0.325 cent at 136.775 cents per lb and the most-active October contract ended up 0.400 cent at 142.625 cents.
September feeder cattle futures rose 1.550 cents to finish at 183.100 cents per lb after reaching a one-week high of 183.625 as prices for corn sank, signalling cheaper feed costs.
Choice cuts of boxed beef rose $1.36 to $270.60 per hundredweight (cwt), according to the US Department of Agriculture, and select cuts rose $0.65 at $242.90 per cwt.
Hog futures closed modestly lower. CME August lean hog futures fell 0.200 cent to settle at 120.450 cents per lb and the most-active October contract fell 0.400 cent at 96.825 cents, paring losses after a dip to 95.025 cents.
Firm cash hog prices underpinned values. The CME Lean Hog Index, a two-day weighted average of cash hog prices, rose 84 cents to $121.42 per cwt, its highest in 13 months.
