CME live cattle settle higher
Lean hogs hit contract lows
22 March 2023
2 minute read
By: Chicago Mercantile Exchange (CME) lean hog futures dropped to contract lows on Tuesday on follow-through and technical selling after recent slides, Reuters reported, citing traders.
Front-month April lean hogs settled down 0.725 cent at 77.050 cents per pound after hitting a contract low at 77.000 cents. The contract has lost 12% since reaching a two-week high on March 10.
Thinly traded May hogs set a contract low at 84.400 cents before ending down 0.450 at 84.700. June hogs closed down 0.525 cent at 91.350 cents per pound.
Wholesale pork values were under pressure again, after a decline last week weighed on futures.
The US Department of Agriculture (USDA) priced pork carcasses at $81.52 per hundredweight (cwt), down 12 cents from Monday. Values weakened for pork loins, butts and bellies but rose for hams.
Cattle futures, meanwhile, edged up. Traders continued to watch Wall Street and outside markets to gauge the health of the economy, which can influence demand for beef, analysts said.
Wall Street closed sharply higher as widespread fears over liquidity in the banking sector abated.
CME April live cattle settled 0.400 cent higher at 162.425 cents per pound. April feeder cattle finished up 0.075 cent at 194.700 cents per pound.
In the wholesale beef market, the USDA priced choice cuts of beef at $279.92 per cwt, down $1.10 from Monday, while select cuts fell $2.39 to $271.55 per cwt.
On Thursday, traders will review monthly cold storage data from the USDA.
