Hog, cattle futures rally on strong outside markets - CME
Optimism about the economy, consumer demand push prices
6 March 2023
1 minute read
By: Chicago Mercantile Exchange (CME) hog and cattle futures rose sharply on Friday, as gains in outside markets bolstered optimism about the economy and consumer demand for beef and pork, Reuters reported, citing traders.
Concerns that a late winter storm forecast for the US Midwest this weekend could disrupt supply chains added support to livestock futures.
Most-active April live cattle rose 1.325 cents to close at 165.425 cents per pound. The contract rose above its 10-day moving average but hit resistance at the high end of its 20-day Bollinger range.
Wholesale boxed beef prices were mixed. Choice cuts gained 82 cents to $289.32 per cwt, according to US Department of Agriculture data. Select cuts were priced $276.86 per cwt, 72 cents lower than Thursday.
CME April feeder cattle futures rallied 2.175 cents to 196.025 cents.
CME April lean hogs gained 0.7 cent to settle at 85.55 cents per pound, facing resistance around its 20-day moving average.
