Tridge summary
CME hog futures experienced a slight increase, breaking a five-game losing streak on minimal short-covering, despite concerns over diminished pork demand during China's Lunar New Year due to COVID-19. February lean hogs and nearby December hogs both saw slight gains. Meanwhile, live cattle futures also rose slightly. In contrast, boxed beef prices saw a decline, with choice cuts dropping by $2.07 to $254.95 per hundredweight, and select cuts decreasing by 22 cents to $225.46 per hundredweight.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Chicago Mercantile Exchange (CME) hog futures rose on Tuesday, snapping a streak of five straight losing sessions on some mild short-covering, Reuters reported, citing traders. Gains were kept in check by concerns that demand for pork during China's Lunar New Year celebrations will be lighter than usual due to rising COVID-19 cases in the country. CME February lean hogs gained 0.875 cent to 84.575 cents per pound. Nearby December hogs edged up 0.45 cent to 82.4 cents per pound in thin trading ahead of the contract's expiration on Friday. CME benchmark February live cattle gained 0.25 cent to 156.35 cents per pound, while the spot December contract edged up by 0.5 cent to 154.9 cents per pound. CME January feeder ...
Source: The Cattle Site
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