US cattle, hog futures fall - CME

Tyson Foods misses Q3 Wall Street expectations
calendar icon 8 August 2023
clock icon 2 minute read

Chicago Mercantile Exchange (CME) hog futures dropped on Monday on a round of technical selling, Reuters reported, citing traders.

Cattle contracts also fell, with concerns about weakening demand pressuring the market.

August live cattle futures dropped 1.2 cents to 179.7 cents per pound. Most-active October live cattle shed 1.475 cents to settle at 181.425 cents per pound.

September feeder cattle futures fell 2.575 cents to 250.875 cents per pound.

Lean hog futures edged higher, with nearby August lean hog futures adding 0.5 cents to 101.525 cents per pound, while the most-active October contract gained 1.75 cents to 84.825 cents per pound.

The October live hogs contract turned lower after hitting resistance at the high end of its 20-day Bollinger range early in the session.

Boxed beef prices fell, with choice cuts easing 30 cents to $301.49 per cwt, while select cuts were $1.47 lower to $275.01 per cwt, the US Department of Agriculture (USDA).

Meanwhile, cattle slaughter rose to 116,000 head from 113,00 on Friday. A week ago 124,000 cattle were processed. Hog slaughter fell, with an estimated 411,000 hogs processed, down from 476,000 a week ago, according to the USDA.

The CME's Lean Hog Index, a two day weighted average of cash prices, eased to 105.47 from 105.86, dipping below the 11-month high reached last week.

Pork cutout rose $1.62 to $15.319 per cwt.

Tyson Foods missed Wall Street expectations for third-quarter revenue and profit on Monday, hurt by falling chicken and pork prices as well as slowing demand for its beef products.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.