US hog futures rise to two-month high - CME

Cattle futures mixed
calendar icon 22 June 2022
clock icon 1 minute read

Chicago Mercantile Exchange (CME) Group hog futures rose to their highest in two months on Tuesday as slowdowns on processing lines raised concerns about tightening supplies, reported Reuters.

Cattle futures were mixed, with feeder cattle contracts firming as falling corn prices improved prospects of cheaper feed and strong profit margins for packers.

Live cattle contracts ended slightly lower but remained near the 1-1/2-month high hit late last week. CME July lean hog futures rose 1.725 cents to close at 112.725 cents per pound, while most-active August hogs jumped 1.925 cents to 109.8 cents per pound.

The front month contract peaked at 112.925, its highest on a continuous basis since 21 April.

Most-active August live cattle futures dipped 0.325 cent to 136.25 cents per pound. October cattle eased 0.125 cent to 142.3 cents

CME August feeder cattle added 2.35 cents to settle at 175.3 cents per pound.

Beef processors slaughtered an estimated 126,000 cattle on Tuesday, up from 122,000 head a year earlier, the US Department of Agriculture said. Pork processors slaughtered an estimated 468,000 hogs, down from 474,000 hogs a year ago.

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