Live cattle futures decline - CME
Lean hog futures tumble after seven days of gains
24 February 2022
1 minute read
Chicago Mercantile Exchange (CME) lean hog futures ended down sharply on Wednesday in a profit-taking setback following seven sessions of gains that took actively-traded nearby months to contract highs, reported Reuters.
A bearish U.S. Department of Agriculture (USDA) cold storage report on Tuesday showed larger frozen pork supplies, including a 17% month-over-month rise in pork belly stocks, also weighed on futures.
CME April lean hog futures plunged 4.050 cents to settle at 108.025 cents per pound, while June futures dropped 2.450 cents to 118.775 cents per pound.
Live cattle futures declined as easing wholesale beef prices and rising feed grain costs triggered fund selling.
The choice boxed beef cutout value was 76 cents lower on Wednesday at $260.88 per cwt, the lowest since 15 December, according to USDA data. The select cutout was down $4.68 at $258.96 per cwt, the lowest since 3 January.
April live cattle fell 1.275 cents to 144.750 cents per pound. March feeder cattle fell 1.450 cents to 162.775 cents per pound.
Source: Reuters
