Cattle, pork futures fall amid fund selling - CME
Weakness in grain markets gave cattle some support
9 August 2024
2 minute read
By: Chicago Mercantile Exchange (CME) livestock futures turned lower on Thursday, with cattle futures slumping amid a flurry of fund selling and weakening wholesale pricing, Reuters reported, citing traders.
But weakness in the Chicago grains futures markets gave cattle some support on the day, traders said.
Lean hog futures also ended down on the day, as cooling summer weather has limited heat stress on swine and strength in the Chinese hog market is showing signs of slowing herd culling, market analysts said.
CME October lean hog futures ended down 0.950 cent at 73.625 cents per pound.
CME feeder cattle futures remained under pressure, hovering at levels not seen since December, with deferred futures setting life-of-contract lows. Most-active October feeders closed down 1.475 cents at 237.425 cents per pound.
Most-active October live cattle finished 1.250 cents lower at 178.025 cents per pound.
Cash cattle bids are running $2 to $3 per hundredweight (cwt) under prices seen last week, traders said, with bids hovering around $186 per cwt in southern markets at $193 per cwt in the north.
Feeder cattle sales were also running $10 lower that a week ago.
Global trading house Cargill will undergo structural changes after missing internal earnings goals, with plans to streamline operations into three units instead of five, according to an internal company document seen by Reuters and two company sources.
Beginning Sept. 1, Cargill will transform from five enterprises into three: Food, Ag & Trading and a Specialised Portfolio, the memo said.
