3 January 2022

1 minute read

North America

In the cattle market on Friday, CME February live cattle futures settled down 0.275 cent at 139.700 cents per pound while front-month December cattle ended down 0.150 cent at 138.900 cents in thin holiday trade, reported Reuters.

For the year, the front contract rose 22.975%, up from 112.950 cents a year ago, as high beef prices sent packer profit margins soaring.

CME March feeder cattle futures settled Friday up 0.950 cent at 169.950 cents per pound. For 2021, front-month feeders rose 20.1%.

Lean hog futures fell on Friday on profit-taking and ideas that the nearby February contract was over-priced relative to cash hog prices, said Alan Brugler, president of Brugler Marketing.

CME February hogs settled down 1.225 cents at 81.475 cents a pound. For the year, front-month hogs rose 15.9%, the most since a 17.1% climb in 2019.

Reminders of a rebound in the size of China's hog herd hung over the market, a factor that could curb demand for US pork exports.

China's sow herd at the end of November was 4.7% higher than the previous year at 42.96 million head, the country's agriculture ministry said late on Thursday. China has been rebuilding its herd after the deadly African swine fever disease, first detected in 2018 in the country, slashed pig production.

Source: Reuters