Lean hog futures end down - CME
Cattle end lower on long liquidation, higher grain pricesChicago Mercantile Exchange (CME) live cattle futures closed lower on Monday for a third straight session, pressured by fund-driven long liquidation at month's end and rising prices for feed grains such as corn, Reuters reported, citing traders as its source.
CME December live cattle settled down 0.525 cent at 152.475 cents per lb, retreating farther from a life-of-contract high set last week at 154.250 cents.
Managed funds aggressively widened their net long position in CME live cattle futures in the week ended October 25, data from the Commodity Futures Trading Commission showed, leaving the market prone to bouts of long liquidation.
CME November feeder cattle fell 0.250 cent to end at 177.625 cents per lb, and January feeders finished down 0.925 cent at 179.450 cents per lb. Feeders slipped as benchmark Chicago corn futures hit a two-week high, signalling higher costs for feed. Corn rose after Russia suspended its participation in a UN-brokered deal that had enabled grain exports from war-torn Ukraine via the Black Sea.
CME lean hog futures followed cattle lower. December lean hog futures ended down 1.175 cents at 84.925 cents per lb after dipping to 84.425 cents, the contract's lowest since October 17.
The USDA quoted the US pork carcass cutout value at $99.94 per cwt, down $1.40 from Friday. Pork bellies tumbled by $23.62 to $131.60.