Live cattle futures settle, feeder cattle make gains - CME
Hog futures hit lowest in more than a year
26 January 2023
1 minute read
By: Chicago Mercantile Exchange (CME) hog futures fell to their lowest in more than a year on Wednesday, with plentiful supplies and weak export demand weighing on prices, Reuters reported, citing traders.
Cattle futures were mixed, with nearby contracts easing while deferred contracts firmed on concerns about low animal weight.
February lean hog futures ended down 0.3 cent at 76.8 cents per lb after bottoming out at 76.3 cents. On a continuous basis, that was the lowest for the front-month hog futures contract since Dec. 14, 2021.
Most-active April hogs eased 0.05 cent to 85.325 cents per lb.
After the market closed, the US Department of Agriculture said that frozen pork belly stocks stood at 63.060 million lbs as of Dec. 31, up from 38.069 million a year earlier.
USDA reported frozen beef stocks of 543.955 million lbs, compared with 507.123 million lbs at the end of 2021.
CME February live cattle settled down 0.25 cent at 157.6 cents per pound, and most-active April rose 0.25 cent at 161.55 cents per pound.
CME March feeder cattle futures gained 0.15 cent to settle at 183.75 cents per pound.
