USA: Lean hog futures slip in CME

Published 2024년 5월 3일

Tridge summary

CME cattle futures saw a surge on Thursday following the USDA's announcement that retail samples of ground beef tested negative for the bird flu virus, putting back the risk premium that was previously removed due to concerns over potential positive tests and their impact on consumer demand. Despite the USDA's reporting of bird flu in 36 dairy herds across nine states, CME June live cattle futures and August feeder cattle futures both experienced gains. However, the lean hog market saw a slip in June futures, reaching the lowest price since March 25. The USDA's testing of 30 samples of ground beef collected from retail outlets in infected states also came back negative, reinforcing the safety of the meat supply.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chicago Mercantile Exchange (CME) cattle futures rallied on Thursday after the US government said retail samples of ground beef tested negative for the bird flu virus, reported Reuters. Traders put risk premium back into the markets, having removed it earlier this week over concerns that possible positive tests for the H5N1 virus in ground beef would hurt consumer demand, brokers said. The US Department of Agriculture has reported bird flu in 36 dairy herds in nine states since late March. Dairy cattle are often processed into ground beef. "The cattle industry received one piece of good news yesterday evening in that the USDA's sampling of raw ground beef found no trace of the bird flu virus," brokerage StoneX said. CME June live cattle futures rose 2.95 cents to finish at 176.800 cents per pound after falling on Wednesday to the lowest price since April 15. CME August feeder cattle rallied 3.475 cents to settle at 255.225 cents, after dropping to an April 16 low in the previous ...

Source: Thepigsite