Live cattle futures in United States are steady to higher

Published 2023년 1월 11일

Tridge summary

Lean hog futures on the Chicago Mercantile Exchange fell for the eighth time in nine sessions on concerns about pork demand and slumping pork prices, reaching a three-month low. This is due to eroding packer margins and a drop in the pork cutout price to its lowest in a year. In contrast, live cattle futures saw steady to higher prices, supported by tightening supplies and a firm cash market outlook. The average cattle weights have declined due to recent stressful conditions at feedlots, which is expected to reduce total beef production and support prices. Cash cattle prices at Plains feedlot markets are anticipated to be steady to higher when trading develops later in the week.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chicago Mercantile Exchange (CME) lean hog futures fell on Tuesday for the eighth time in nine sessions on concerns about pork demand and slumping pork prices, Reuters reported, citing traders. The actively traded February lean hog contract dropped to a three-month low as packer margins eroded and the pork cutout price slid to the lowest in a year. "There are traders expecting pork demand to pick up as prices go down to these levels. We're waiting for some confirmation and whenever there's a lack of confirmation you get discouraged selling by longs and some fresh short selling by funds," said independent livestock trader Dan Norcini. The US Department of Agriculture (USDA) quoted the pork cutout at $81.73 per cwt on Tuesday, down 62 cents from the prior day and the tenth decline in 11 sessions. It was also the lowestpork cutout since Jan. 11, 2022. The average pork packer margin on Tuesday fell to an estimated $4.65 per head, down from $15.00 a week ago, according to marketing ...
Source: Thepigsite

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