Glacier FarmMedia COVID-19 & the Farm

U.S. livestock: CME hogs hit lowest in more than six months

Cash market bearish on cattle futures

cme october lean hogs
CME October 2021 lean hogs (candlesticks) with 20-, 50- and 100-day moving averages (pink, dark red and black lines). (Barchart)

Chicago | Reuters — Chicago Mercantile Exchange hog futures fell for the fifth day in a row on Thursday, with the front-month contract hitting its lowest since March 2 on a continuous basis.

The hog market was under pressure from long liquidation by investment funds, traders said.

Cattle futures were mixed, with live cattle edging higher after four straight days of losses, while feeder cattle contracts dropped to their lowest since July 21.

A well-supplied cash market was adding bearish pressure to cattle futures, traders said.

CME October lean hog futures dropped 1.9 cents to close at 85.475 cents/lb., up off a low of 85.25 cents (all figures US$).

CME December live cattle rose 0.15 cent to close at 128.8 cents/lb. after bottoming out at 128.575 cents.

October feeder cattle dipped 0.025 cent to 159.25 cents/lb., touching its lowest since July 19.

Beef prices eased, with choice cuts of boxed beef down $2.28, at $332.58 per hundredweight (cwt), while select cuts dropped $1.72, to $296.45/cwt, the U.S. Department of Agriculture said.

Margins for beef packers were about $882.40 per head of cattle, down $8 from Wednesday. A week ago, margins stood at $921.65, according to livestock marketing advisory service

— Mark Weinraub is a Reuters commodities correspondent in Chicago.

Tagged , , , , , , , , , , , ,
COPA Medallion COPA finalist in 2012, 2014 and 2015.
©2021 AGCanada is a production of Glacier FarmMedia Limited Partnership. Any affiliated or third party content is the property of its respective owner and is used with permission.
Please refer to Copyright Page for details.
Click here to view our Website Terms of Use.