Hog futures weak, live cattle futures extend gains - CME
Weekly beef export sales rose to 19,400 tonnes
21 October 2022
1 minute read
By: Chicago Mercantile Exchange (CME) live cattle contracts rose on Thursday, touching a fresh 7-year high, with tight supplies boosting cash market prices and lending support to futures, reported Reuters.
Hog futures eased after rising in five of the previous six sessions, but losses were kept in check by signs of good consumer demand.
Export sales of pork totalled 40,800 tonnes in the week ended October 13, up from 29,900 tonnes the prior week, the US Department of Agriculture (USDA) said.
Weekly beef export sales rose to 19,400 tonnes from 14,800 tonnes.
CME December lean hog futures slipped 0.35 cent to settle at 87.025 cents per lb.
CME December live cattle rose 0.325 cent to 151.675 cents per lb.
Spot October live cattle contract gained 0.425 cent to 149.775 cents per lb. The contract peaked at 149.825 cents, the highest on a continuous basis for the front-month contract since August 12, 2015.
In the US wholesale beef market, choice cuts were priced at $253.62 per hundredweight (cwt), up from $253.39 on Wednesday. Select cuts fell 11 cents to $222.08 per cwt, according to USDA data.
CME November feeder cattle ended 0.525 cent lower at 177.55 cents per lb.
Analysts were expecting a monthly USDA report on Friday to show that the number of cattle on feed as of October 1 was 99.1% of the year-ago total.
