Live cattle futures in United States are steady to higher
Fresh Whole Beef
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Meat
United States
Published Jan 12, 2023
Tridge summary
Chicago Mercantile Exchange (CME) lean hog futures fell on Tuesday for the eighth time in nine sessions on concerns about pork demand and slumping pork prices, Reuters reported, citing traders. The actively traded February lean hog contract dropped to a three-month low as packer margins eroded and the pork cutout price slid to the lowest in a year. "There are traders expecting pork demand to pick up as prices go down to these levels.
Original content
Chicago Mercantile Exchange (CME) lean hog futures fell on Tuesday for the eighth time in nine sessions on concerns about pork demand and slumping pork prices, Reuters reported, citing traders. The actively traded February lean hog contract dropped to a three-month low as packer margins eroded and the pork cutout price slid to the lowest in a year. "There are traders expecting pork demand to pick up as prices go down to these levels. We're waiting for some confirmation and whenever there's a lack of confirmation you get discouraged selling by longs and some fresh short selling by funds," said independent livestock trader Dan Norcini. The US Department of Agriculture (USDA) quoted the pork cutout at $81.73 per cwt on Tuesday, down 62 cents from the prior day and the tenth decline in 11 sessions. It was also the lowestpork cutout since Jan. 11, 2022. The average pork packer margin on Tuesday fell to an estimated $4.65 per head, down from $15.00 a week ago, according to marketing ...
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