In US, lean hogs surge 4% as pork prices jump

Published 2023년 2월 22일

Tridge summary

Lean hog and live cattle futures at the Chicago Mercantile Exchange surged by over 4% and 3% respectively, reaching multi-year highs for live cattle futures due to an increase in wholesale pork and beef prices. The surge was driven by the US Department of Agriculture pricing pork carcass cutout at $87.72 per hundredweight, its highest since December 30, and concerns over a winter storm affecting cattle. Thinly traded February live cattle futures settled at 164.750 cents per pound, the highest since January 2015, and April cattle futures finished at 165.100 cents per pound. Market focus now turns to the USDA's monthly Cattle on Feed report, expected to show a decrease in the number of cattle in US feedlots from a year ago.

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

Original content

Chicago Mercantile Exchange (CME) lean hog futures surged more than 4% on Tuesday, with the benchmark April contract hitting a six-week top following a jump in wholesale pork prices over the long US holiday weekend, Reuters reported, citing traders. Live cattle futures also climbed, with the spot contract reaching a multi-year high for a sixth straight session amid rising beef prices, firm cash cattle markets and worries that a winter storm crossing the northern Plains and Midwest could stress cattle. Hogs rose the most on a percentage basis. CME April hogs settled up 3.825 cents, or 4.85%, at 89.100 cents per pound and June hogs ended up 2.550 cents at 105.275 cents. Hog futures bolted higher after the US Department of Agriculture (USDA) priced the pork carcass cutout at $87.72 per hundredweight (cwt) on Monday while US markets were closed for a holiday, up $5.63 from Friday and the highest since Dec. 30. "(The) strong cutout price surge from yesterday was a pleasant surprise," ...

Source: Thepigsite