US: Lean hogs finish down

Published 2023년 3월 16일

Tridge summary

CME cattle futures experienced a decline to multi-week lows due to spillover effects from the stock market and banking crisis concerns. The Dow and S&P 500 closed with losses, leading to a drop in cattle futures as an weak economy might impact consumer demand for beef. April live cattle and feeder cattle ended their session at lower prices, with April lean hogs also finishing lower. Pork carcass cutout values decreased, and average hog weights increased. Traders are now awaiting the USDA's upcoming report on weekly export sales data for beef and pork, following weak sales last week. Meanwhile, beef processors in Brazil are facing significant losses daily due to a self-imposed trade ban that has halted sales to China.

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

Original content

Chicago Mercantile Exchange (CME) cattle futures tumbled to multi-week lows on Wednesday as losses in US stocks and fears about a banking crisis spilled into livestock markets, Reuters reported, citing analysts. The Dow and S&P 500 closed lower as problems at Credit Suisse piled more pressure on the banking sector. Declines in equities hit cattle futures in particular because weakness in the economy could dent consumer demand for high-priced beef, said Rich Nelson, chief strategist at brokerage Allendale. "This is all the outside market story," he said. CME April live cattle ended 1.500 cents weaker at 161.550 cents per pound and touched its lowest price since Jan. 30 at 161.100 cents. April feeder cattle finished 2.5 cent lower at 193.250 cents per pound and touched its lowest price since Feb. 24 at 192.650 cents. CME April lean hogs finished down 1.650 cent at 83.750 cents per pound and set their lowest price since March 7 at 83.575 cents. "Outside markets and the whole risk-off ...

Source: Thepigsite