Cattle futures steady-weak, hog futures mixed – CME

October 8, 2022


Cattle futures steady-weak, hog futures mixed – CME

08 October 2022

Traders awaiting fresh news to gauge demand levels

Chicago Mercantile Exchange (CME) lean hog futures ended mixed on Friday as traders waited for fresh news to gauge demand levels, reported Reuters.

The most-active CME December lean hog futures contract dropped 0.625 cent to 77.15 cents per lb, with support noted around the contract’s 10-day moving average. Front-month October hogs rose 0.575 cents to settle at 92.95 cents per lb.

Both contracts closed above their session lows after weakening early in the trading day.

Cattle futures were steady to weaker.

CME October live cattle were unchanged at 145.325 cents per lb and the most-active December contract fell 0.825 cent to end at 147.05 cents.

CME November feeder cattle dropped 0.8 cent to finish at 175.625 cents per lb.

Meatpackers slaughtered an estimated 118,000 cattle on Friday, 3,000 more than a week ago and up from 114,000 cattle a year ago, the US Department of Agriculture (USDA) said. In the pork sector, packers killed an estimated 480,000 hogs. That compares with 453,000 hogs a week ago and 473,000 hogs a year ago.

Firmer wholesale pork prices lent support. The USDA priced pork carcasses on Friday morning at $103.17 per hundredweight (cwt), up $1.76 from Thursday afternoon.

Cash hog prices softened. The CME Lean Hog Index, a two-day weighted average of cash hog prices, eased 16 cents to $92.77 per cwt, its lowest since February 14.

Source: Reuters