Lean hog futures close mostly higher in the US

Published 2023년 3월 9일

Tridge summary

Front-month feeder cattle futures on the Chicago Mercantile Exchange (CME) reached a nearly 7-year high due to falling corn prices, signaling lower feed costs. CME April feeder cattle futures settled up 1.400 cents at 200.075 cents per pound, and thinly traded March feeders settled up 1.625 cents at 193.750 cents a pound. Live cattle future ended mixed, and the USDA raised its estimate of 2023 domestic beef production. CME lean hog futures closed mostly higher, led by the nearby April contract which settled up 0.950 cent at 85.750 cents per pound. Brazil's Agriculture Minister Carlos Favaro announced he will move forward a planned trip to China to resume beef exports halted by a case of mad cow's disease.

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Original content

Front-month feeder cattle futures on the Chicago Mercantile Exchange (CME) hit the highest in nearly 7-1/2 years on Wednesday as falling prices for corn signalled cheaper feed costs, Reuters reported, citing traders. CME April feeder cattle futures settled up 1.400 cents at 200.075 cents per pound after setting a life-of-contract high of 200.225 cents. Thinly traded March feeders settled up 1.625 cents at 193.750 cents a pound after reaching 193.800 cents, the highest on a continuous chart of front-month feeder cattle futures since October 2015. Corn futures on the Chicago Board of Trade fell more than 1% after the US Department of Agriculture (USDA) in a monthly report raised its forecast of US 2022/23 corn ending stocks higher than most analysts expected, citing a slow pace of corn export sales. Live cattle future ended mixed, with the benchmark CME April contract retreating from a life-of-contract high set on Monday, while deferred contracts closed higher. April live cattle ...

Source: Thepigsite