US hog markets mixed with demand in focus - CME

Cattle markets steady/weak
calendar icon 9 August 2023
clock icon 2 minute read

Chicago Mercantile Exchange (CME) cattle futures were steady to weak, while hog futures were mixed on Tuesday, with the market pressured by demand concerns as the end of grilling season nears, Reuters reported, citing traders.

August live cattle futures ended unchanged at 179.7 cents per pound. Most-active October live cattle fell 0.5 cent to 180.925 cents per pound, slipping below its 20-day moving average before finding support near its 30-day moving average.

September feeder cattle futures fell 1.45 cents to 249.425 cents per pound.

Lean hog futures were mixed, with nearby August lean hog futures adding 0.575 cents to 102.1 cents per pound, while the most-active October contract dipped 0.25 cent to 84.575 cents per pound.

Smithfield Foods, the world's biggest pork processor, is permanently closing 35 hog farm sites in Missouri and laying off 92 employees in October, according to a Missouri Worker Adjustment and Retraining Notification Act notice.Boxed beef prices rose, with choice cuts adding 90 cents to $302.39 per cwt, while select cuts were $1.15 higher at $276.16 per cwt, the US Department of Agriculture (USDA) said.

Pork cutout dropped $3.22 to $112.09 per cwt.

Meanwhile, cattle slaughter rose to 124,000 head from 116,000 on Monday. A week ago, 124,000 cattle were processed, according to USDA data. Hog slaughter rose by 60,000 head to 471,000. But that was down from 476,000 a week earlier.

The CME's Lean Hog Index, a two-day weighted average of cash prices, dropped to 105.04 from 105.47.

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