Hog futures fall for third straight session - CME

Cattle futures rise on firming cash trade
calendar icon 12 October 2023
clock icon 1 minute read

Chicago Mercantile Exchange (CME) live cattle futures rose on Wednesday, rallying from early declines on technical buying and rising cash cattle prices, Reuters reported, citing traders.

Market-ready cattle traded at $183 per hundredweight (cwt) on Wednesday in Texas and Kansas, traders said, steady to $1 higher than last week.

"Maybe the fact that we had (cash) trade taking place on a Wednesday means that packers are a bit short-bought and need cattle," independent trader Dan Norcini said.

CME December live cattle futures settled up 1.975 cents at 186.975 cents per pound, rebounding after a dip to 184.250 cents, the contract's lowest in a month, and breaking through chart resistance at its 50-day moving average near 186.6 cents in the last hour of trade.

November feeder cattle futures settled up 1.650 cents at 252.000 cents per pound, while January feeders finished up 1.450 cents at 253.300 cents.

The market shrugged off pressure from lower wholesale beef prices. The US Department of Agriculture reported the choice boxed beef cutout at $300.28 per cwt on Wednesday afternoon, down 78 cents from a day earlier.

CME lean hog futures fell for a third session. Benchmark CME December hogs settled down 1.450 cents at 69.975 cents per pound.

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