US hog futures close weaker - CME

cattle futures weaken after hitting new contract highs
calendar icon 8 June 2023
clock icon 1 minute read

Chicago Mercantile Exchange (CME) cattle futures weakened on a technical setback on Wednesday, closing in negative territory after rising to fresh contract highs during the session, reported Reuters.

Hog futures were also weaker.

Benchmark CME August live cattle futures settled down 2.3 cents at 173.2 cents per lb after posting a fresh contract high of 175.95 cents. August feeder cattle finished down 4.15 cents at 239.1 cents per lb, turning lower after hitting resistance at the high end of its 20-day Bollinger range.

Before Wednesday's losses, live cattle contracts had risen for nine straight sessions and feeder cattle contracts for six.

CME July lean hog futures dropped 1.4 cents to 86.925 cents per lb, peaking at 88.525 cents, its highest since May 17.

In the wholesale beef market, the US Department of Agriculture (USDA) priced choice cuts on Wednesday afternoon at $325.19 per CWT, up $3.79 from a day earlier. Prices for select cuts gained $2.12 to $301.56 per CWT.

Wholesale pork prices gained 17 cents to $85.15 per CWT, according to USDA data.

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