Hog futures fall to contract lows - CME

June live cattle markets settle down
calendar icon 23 May 2023
clock icon 1 minute read

Chicago Mercantile Exchange (CME) hog futures sank to contract lows on Monday, with the market under pressure from plentiful supplies and weak demand for pork at grocery stores and on the export market, reported Reuters.

"The story remains one of a slow-to-move product market," brokerage StoneX said in a note to clients.

Cattle futures also were weaker as traders digested news from Friday about cattle disease.

The US Department of Agriculture (USDA) announced on Friday an atypical case of bovine spongiform encephalopathy (BSE), commonly called mad cow disease, in an older beef cow at a slaughter plant in South Carolina. USDA said the animal never entered slaughter channels and the agency did not expect any trade impacts as a result.

CME June live cattle settled down 0.675 cent at 165.05 cents per pound, while the most-active August contract was 0.7 cent lower at 163.6 cents.

CME August feeder cattle dropped 0.2 cent to finish at 234.9 cents per pound.

CME lean hogs for June delivery hogs dropped 1.2 cents to 81.825 cents per pound. The most-active July contract fell 0.975 cent to end at 82.15 cents.

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