US live cattle futures touch a one-month low

Chicago Mercantile Exchange (CME) lean hog futures set new contract highs on Friday as strong domestic and export demand, particularly for US pork bellies and ham, drove the market upward, Reuters reported, citing analysts. Live cattle futures touched a one-month low, while feeder cattle recovered after reaching the lowest price in more than five weeks. An uptick in pork belly prices and retailer buying of ham ahead of the Thanksgiving and Christmas holidays added steam to a rally in hog futures, said Altin Kalo, economist at Steiner Group. Beef demand has also remained strong, particularly for pricier cuts of meat ahead of the holiday season, he said. An unexpectedly low number of slaughter-ready U.S. hogs and strong demand have propelled hog futures higher for months, after lower pork belly prices are thought to have enticed buying, analysts said. Wholesale values for the pork carcass cutout, hams and bellies ticked up, U.S. Department of Agriculture data showed on Friday ...