December live cattle futures remain unchanged - CME
Lean hog futures rise on hopes for Chinese demand
12 November 2024
2 minute read
By: Chicago Mercantile Exchange (CME) lean hog futures rose on Monday, as traders adjusted their positions on hopes of growing demand from China's plans for a massive debt package, Reuters reported, citing market analysts.
News that China was launching a debt package aimed at stabilizing its economy supported lean hog futures, said Karl Setzer, co-founder of Consus Ag Consulting, with traders hoping it could lead to higher consumer demand from the leading pork importer.
CME December hog futures finished up 1.35 cents at 81.775 cents per pound.
Meanwhile, live cattle traded flat after falling to six-week lows on Friday and feeder cattle firmed as boxed beef prices recovered.
CME December live cattle futures were unchanged at 183.700 cents per pound, having hit their lowest since Sept. 26 on Friday. Most-active January feeder cattle futures rose 0.825 cents to 242.25 cents per pound.
Prices for choice cuts of beef shipped to wholesale buyers in large boxes rose by $0.28 to $308.21 per hundredweight on Monday, while select cuts firmed by $2.65 to $281.84 per cwt on Monday afternoon, according to the US Department of Agriculture.
The rise followed a week with sharp drops, including a dip of $6.13 for choice cuts and $3.48 for select cuts on Nov. 7.
Beef packer margins were still in the red on Monday, with packers losing $45.85 per head of cattle, up from losses of $51.95 per head on Friday and down from earnings of $1.70 per head a week ago, according to livestock marketing advisory service HedgersEdge.
