Tridge summary
US hog and live cattle futures were reported to have had varied movements on Friday. Hog futures experienced a decline due to abundant supplies, with the heavy slaughter rate this year contributing to the price drop. Despite this, the futures managed to stay above a 13-month low. Live cattle futures were steady to weak in a range-bound trade, influenced by light cash market activity. The USDA's report on hog slaughter being up by 2.2% from the same period last year and a decrease in pork carcass prices also impacted the market. Meanwhile, live and feeder cattle futures saw some gains for the week.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
US hog futures eased on Friday, with ample supplies weighing on prices due to a heavy pace of slaughter this year, reported Reuters. Live cattle futures were steady to weak in range-bound trade, with light activity in the cash market hanging over prices. February lean hog futures dropped 1.15 cents to 75.875 cents per lb, but managed to stay above the 13-month low of 75.6 cents that the front-month contract hit on Thursday. Most-active April hogs dropped 0.55 cent to 86.45 cents per lb. Technical support was noted at the contract's 10-day moving average. For the week, April hog futures rose 0.8%, snapping a string of four straight weekly losses. Hog slaughter has totalled 10.102 million head so far in January, the US Department of Agriculture said on Friday. That was up 2.2% from the same period of 2022. Separately, the USDA reported pork carcass prices at $79.04 per hundredweight (cwt) on Friday morning, $1.42 lower ...
Source: The Cattle Site
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