US: Cattle meat in live weight and pork become cheaper on the CME exchange

Published 2022년 10월 31일

Tridge summary

The article highlights the dynamic changes in the Chicago Mercantile Exchange's (CME) cattle and pork futures market from October 21 to October 28, 2022. During this week, live weight cattle quotations saw a slight decrease to $1.5038 per pound, while fattening cattle quotations increased to $1.7788 per pound. On the other hand, pork quotations fell to $0.861 per pound. This period also marked a 7-year high for CME livestock futures following anticipated USDA supply reductions and a decline in feed supply, leading to more significant deals and increased prices for near-term contracts. The article also provides a brief overview of the market's performance over the previous weeks, showing fluctuations in cattle and pork prices.

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

Original content

From October 21 to October 28, the cattle and pork futures market on the Chicago Mercantile Exchange developed in different directions. As a result of the week, quotations for cattle meat in live weight and pork went down, while quotations for fattening cattle, on the contrary, went up, KazakhZerno.kz reports. The past week made history as CME livestock futures jumped to a 7-year high on the first day of trading after the weekend. This happened against the background of the fact that traders expected to see a reduction in the supply of cattle in the monthly report of the USDA. More active near-term contracts posted lifetime highs as feed supply declined year-over-year, with bigger deals being made and supply shrinking, according to a US Department of Agriculture report released after the market closed on Friday. They predict a reduction in breeding stock in 2022 due to drought. From October 21 to October 28, live weight quotations for cattle fell from $1.5048 to $1.5038 per pound, ...

Source: Kazakh-zerno