Live cattle, hog futures hit multi-week highs - CME
Strong demand underpinning prices
18 October 2022
1 minute read
By: Chicago Mercantile Exchange (CME) hog and live cattle futures rallied to multi-week highs on Monday, reported Reuters.
CME December lean hog futures rose 2.7 cents to settle at 84.95 cents per lb. The contract peaked at 85.1 cents, its highest since September 23, and rose above its 100-day and 200-day moving averages during the session.
Hog futures have risen in three of the last four sessions, with good demand from end users underpinning prices.
The average pork packer margin fell to $15.55 per head on Monday from $16.72 on Friday and $16.90 a week earlier, according to livestock marketing advisory service HedgersEdge.com LLC.
CME December live cattle rose 1.425 cents to 149.2 cents per lb. The benchmark contract broke through its 20-day, 30-day and 40-day moving averages before hitting resistance at its 50-day moving average, closing below the key technical level.
December live cattle futures hit their highest since September 26.
Spot October live cattle contract gained 0.925 cent to 147.875 cents per lb in thin trading.
CME November feeder cattle ended down 1.325 cent at 174.775 cents per lb.
