US August lean hog futures settle higher - CME

US feeder cattle rally to highest since November 2015
calendar icon 14 July 2022
clock icon 1 minute read

Chicago Mercantile Exchange (CME) cattle futures extended gains on Wednesday on follow-through technical buying after rallying in the previous two sessions, reported Reuters.

Tight supplies remained in focus as the front-month feeder cattle contract hit its highest on a continuous basis since November 2015.

"Big picture, the US Department of Agriculture still has sharply reduced beef production showing up in the fourth quarter of this year and then really decelerating into 2023," brokerage StoneX said in a research note.

The most-active August live cattle futures gained 0.2 cent to settle at 136.875 cents per pound, peaking at its highest since 17 June.

CME August feeder cattle gained 1.225 cents to close at 180.8 cents per pound.

August lean hogs settled 1.5 cents higher at 110.5 cents per pound, hitting its highest since 19 April.

Strength in the cash prices supported hog futures.

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