Cattle, hog futures ease on weak exports - CME
Signs of weakening export demand pressuring prices
3 March 2023
1 minute read
By: Chicago Mercantile Exchange (CME) cattle and hog futures fell on Thursday, with signs of weakening export demand for beef and pork pressuring prices, reported Reuters.
Traders also said the cattle market was still ripe for profit taking even after falling on Wednesday.
The US Department of Agriculture (USDA) said on Thursday morning export sales of beef fell to 8,100 tonnes in the week ended Feb. 23 from 15,400 tonnes the prior week.
Pork export sales dropped to 31,000 tonnes from 51,900 tonnes.
Most-active April live cattle dropped 1.025 cents to close at 164.1 cents per pound. The contract fell below its 10-day and 20-day moving averages.
Wholesale boxed beef prices were firm. Choice cuts were priced at $288.50 per cwt on Thursday afternoon, up 67 cents from Wednesday, according to USDA data. Select cuts were $1.15 higher $277.58 per cwt.
CME April feeder cattle futures were unchanged, settling at 193.85 cents.
CME April lean hogs dipped 0.1 cent to settle at 84.85 cents per pound, falling below its 20-day moving average.
