Cattle, hogs firm, supported by cash markets - CME
Lean hog futures firm after falling for six sessions
7 April 2022
2 minute read
Live cattle futures on the Chicago Mercantile Exchange (CME) lifted on Wednesday, supported by cash cattle prices that pulled up nearby futures markets, reported Reuters.
"We just got below the cash market," said Alan Brugler, president of Brugler Marketing. "That was an argument to try the long side."
The nearby April live cattle contract firmed 0.900 to 137.7 cents per pound, as did the most-active June contract, adding 0.900 cents to 134.225 cents per pound.
Cash cattle traded mostly steady at $138.00 per cwt, according to the US Department of Agriculture (USDA), though some $140.00 trade could be found in the Northern Plains.
Packers processed 125,000 head of cattle, 4,000 more than the same period a year earlier.
Boxed beef prices eased, with choice cuts falling 49 cents to $271.04 per cwt, while select cuts lost $1.85 cents to $261.05.
May feeder cattle were supported by stronger live cattle and softer corn futures, with the May contract ending 0.950 cents higher at 159.950 cents per pound.
Meanwhile, CME lean hog futures firmed after falling for six sessions, also supported as nearby contracts move to converge with cash prices.
CME nearby May lean hogs firmed 1.075 cents to 98.75 cents per pound, lifting the benchmark June contract 0.350 cents to 114.700 cents per pound.
Hog processors slaughtered 460,000 head, 20,000 below the same day last week and 34,000 below year-over-year volumes.
The CME's Lean Hog Index, a two-day weighted average of cash hog prices, fell 75 cents to $101.66 cents per pound.
Source: Reuters
