USA: Hog futures higher on oversold signals

Published Jun 13, 2024

Tridge summary

The Chicago Mercantile Exchange reported a decrease in live and feeder cattle prices, with quiet direct cash cattle trade activity and established prices yet to be set. At the Kingsville Livestock Auction, steady prices for steers and heifers were noted with moderate supply and demand. Boxed beef prices fell due to light demand, and estimated cattle slaughter was slightly down. Lean hog futures ended higher, and cash hogs had mixed prices, with demand remaining strong. Pork values at the Midwest cash markets saw a significant drop, with estimated hog slaughter also reported.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At the Chicago Mercantile Exchange, live and feeder cattle were lower waiting for direct business to develop with boxed beef lower at midday. August live cattle closed $.60 lower at $178.32 and October lives closed $.67 lower at $181.05. August feeder cattle closed $.07 lower at $257.57 and September feeder cattle closed $.20 lower at $258.47. Direct cash cattle trade activity was quiet Wednesday. Bids surfaced in Kansas at $185 live. Asking prices were around $187 to $188 live in the South, but still not established in the North. There were a handful of deals reported in Kansas at $185, but not near enough to establish an accurate price trend. Significant trade volume will likely be delayed until sometime Thursday or Friday. At the Kingsville Livestock Auction in Missouri, steers and heifers were mostly steady. The USDA says supply and demand were mostly moderate. Receipts were down on the week and the year. Feeder supply included 47% steers and 49% of the offering was ...
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