In US, lean hogs surge 4% as pork prices jump

Chicago Mercantile Exchange (CME) lean hog futures surged more than 4% on Tuesday, with the benchmark April contract hitting a six-week top following a jump in wholesale pork prices over the long US holiday weekend, Reuters reported, citing traders. Live cattle futures also climbed, with the spot contract reaching a multi-year high for a sixth straight session amid rising beef prices, firm cash cattle markets and worries that a winter storm crossing the northern Plains and Midwest could stress cattle. Hogs rose the most on a percentage basis. CME April hogs settled up 3.825 cents, or 4.85%, at 89.100 cents per pound and June hogs ended up 2.550 cents at 105.275 cents. Hog futures bolted higher after the US Department of Agriculture (USDA) priced the pork carcass cutout at $87.72 per hundredweight (cwt) on Monday while US markets were closed for a holiday, up $5.63 from Friday and the highest since Dec. 30. "(The) strong cutout price surge from yesterday was a pleasant surprise," ...