US: Lean hog futures tick down slightly - CME

Published 2024년 12월 20일

Tridge summary

CME live and feeder cattle contracts experienced a decline on Thursday due to weakness in equities, a strong dollar, and technical trading. Lean hog futures also saw a slight decrease as market players perceived hogs as overbought. The Federal Reserve's economic projections and the anticipated slowdown of rate cuts contributed to the steepest US stock selloff in months. The US-Mexico border's closure to cattle imports due to the discovery of New World screwworm in southern Mexico also impacted the cattle market. A Reuters poll anticipated US November cattle placements to be 5.1% lower than the previous year, and a Reuters survey predicted the US hog herd size to be similar to the previous year.

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

Original content

Chicago Mercantile Exchange (CME) live and feeder cattle contracts slid on Thursday as weakness in equities, a strong dollar and technical trading pressured futures, Reuters reported, citing analysts. Lean hog futures ticked down slightly as market players came to view hogs as overbought. CME January feeder cattle settled down 2.525 cents to 254.475 cents per pound. February live cattle ended down 1.775 cents to 186.550 cents per pound. February lean hog futures settled down 0.075 cents to 83.625 cents per pound. The cautious note struck by the Federal Reserve's economic projections and the expected slowdown of rate cuts prompted the steepest US stock selloff in months on Wednesday, though the market recovered slightly on Thursday. "The cattle market looks at equities as a proxy for demand, and we saw the big shakeout in equities yesterday and that has certainly weighed on prices," Altin Kalo, economist at Steiner Group, said. The US dollar index is also hovering near a two-year ...

Source: Thepigsite