Lean hogs turn down on seasonal dip - CME
August live cattle futures end up
31 July 2024
2 minute read
By: Chicago Mercantile Exchange (CME) live and feeder cattle futures turned higher on Tuesday as the cash cattle market remained strong, while lean hogs turned lower as traders anticipated slowing ham sales, reported Reuters.
Wholesale beef prices were up Tuesday morning, with the US Department of Agriculture reporting that boxed beef cutout prices for choice were up 91 cents to $315.72 per hundredweight (cwt) and select cutout prices were up $1.84 to $303.36 per cwt.
Hog futures eased on a seasonal dip in prices, a weakening Mexican peso, and high ham prices that have slowed ham sales, Altin Kalo, economist at Steiner Consulting Group, said. Pork cutout prices were mixed, and carcass values were up at midmorning, according to USDA data.
"Prices are sky high, and in combination with the weak currency, there's an expectation that the ham market is about to roll over, Kalo said.
Pork processors slaughtered 482,000 hogs on Monday, higher than the 453,000 head a week earlier and above the 477,242 animals processed the same time a year ago, according to USDA data.
CME August live cattle futures ended Tuesday up 0.725 cent at 187.700 cents per pound, while most-active October live cattle futures ended up 0.650 cent at 187.450 cents per pound.
CME August feeders ended 0.550 cent higher at 256.975 cents per pound.
CME August lean hog futures ended 0.250 cent lower at 91.200 cents per pound. October lean hog futures ended down 0.050 cent at 74.775 cents per pound.
