Cattle futures rise on falling corn prices - CME
Hog futures firm
15 May 2023
1 minute read
By: Chicago Mercantile Exchange (CME) Group cattle futures contracts rallied on Friday as a government forecast for a record-large US corn harvest raised expectations that feeding costs will weaken as the supply base rises, reported Reuters.
Hog futures ended firm on signs of improving values in the cash market, traders said.
Most actively traded June lean hog futures rose 0.225 cent to settle at 84.1 cents per pound. The contract posted a weekly gain of 0.4%.
August feeder cattle gained 2.9 cents to 228.975 cents per pound. The contract found technical support at its 10-day moving average and rose above its 20-day moving average during the session.
June live cattle rose 1.45 cents to 164.4 cents per pound, breaking through resistance at its 30-day and 20-day moving averages.
August feeder cattle jumped 3.4% this week, while June live cattle gained 1.5%. The June live cattle contract has risen in seven of the last eight weeks.
