7 March 2024

2 minute learn

Chicago Mercantile Trade (CME) lean hog futures fell on Wednesday for a 3rd straight session in largely technical commerce, Reuters reported, citing analysts, with the benchmark April contract dipping to a three-week low.

CME stay cattle futures additionally declined in range-bound commerce.

Most-active April lean hogs settled down 0.175 cent at 85.000 cents per pound after dipping to 83.875 cents, the contract’s lowest since Feb. 14.

June hogs fell 1.100 cents to shut at 100.500 cents per pound.

Commodity funds maintain a large web lengthy place in CME lean hog futures, leaving the market open to bouts of lengthy liquidation. Regardless of Wednesday’s setback, the April hog contract continues to be up about 13.6% for the reason that begin of the calendar 12 months, reflecting bettering demand for US pork, analysts have stated.

Firming money hog costs underpinned the market as effectively. The CME’s Lean Hog Index, a two-day weighted common of money costs, rose to 80.87 cents per pound on Wednesday, its highest studying since mid-October.

Within the wholesale pork market, the US Division of Agriculture (USDA) priced the carcass cutout late Wednesday at $91.49 per hundredweight (cwt), up 6 cents from Tuesday.

Merchants await the USDA’s weekly export gross sales report on Thursday for a gauge of pork and beef export gross sales within the week ended Feb. 29.

Cattle futures ended modestly decrease. CME April stay cattle completed down 0.750 cent at 187.250 cents per pound however stayed inside Tuesday’s buying and selling vary. April feeder cattle futures fell 1.300 cents to finish at 255.875 cents.

The USDA reported the selection boxed beef cutout on Wednesday afternoon at $304.91 per cwt, up 12 cents from Tuesday.