Hog futures break losing streak - CME

US cattle markets close firm
calendar icon 5 October 2023
clock icon 1 minute read

Chicago Mercantile Exchange (CME) lean hog futures closed firm on Wednesday, snapping a three session losing streak as traders said that the US government's most recent bearish supply forecast had been priced into the market, reported Reuters.

Cattle futures were consolidating after posting sharp declines a day earlier, but both feeders and live cattle futures managed to close in positive territory, traders said.

The benchmark CME December lean hogs futures contract edged up 0.1 cent to finish at 69.175 cents per pound. The contract bottomed out at 68 cents during the session, which was its lowest since May 30 and near the all-time low of 67.325 cents.

In CME's cattle markets, November feeders firmed 0.075 cent to 250.425 cents per pound. December live cattle gained 0.375 cent to 186.025 cents per pound.

Consolidation trade in November feeders was noted around the low end of the contract's 20-day Bollinger range and its 100-day moving average.

December live cattle futures faced resistance around their 40-day moving average and closed below their session peak.

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