USA: Live cattle, lean hog futures decline in technical moves

Published 2022년 11월 7일

Tridge summary

CME lean hog futures saw a decline on Friday, with the December contract reaching a near three-week low due to technical selling, despite commodity funds holding a net long position. Wholesale pork prices marginally increased, according to the USDA. The hog slaughter for the week-to-date was slightly lower than the previous week but higher than the year-ago figure. Live cattle futures also fell modestly, and feeder cattle futures were mixed. Cash cattle traded in the southern US at $150 per cwt, unchanged from the previous week. Wholesale beef prices experienced a decline, with choice cuts falling by $1.43 and select cuts decreasing by $1.16.

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Original content

Chicago Mercantile Exchange (CME) lean hog futures declined on Friday, with the benchmark December contract hitting a near three-week low in what appeared to be featureless technical selling, Reuters reported, citing traders. CME December hogs settled down 0.400 cent at 82.975 cents per lb after touching 82.825, the lowest since Oct. 17, and falling below chart support at its 200-day moving average. Commodity funds hold a net long position in CME lean hog and live cattle futures, leaving both markets prone to bouts of long liquidation in the absence of supportive news. "We seem to be treading water here," said Sherman Newlin, an analyst with Risk Management Commodities. "Big picture, cattle and hog supplies are going to be tighter going forward because we are not rebuilding the herds. Eventually there is going to be support in there (for prices), but (today) they are just chopping around." Wholesale pork prices inched higher. The US Department of Agriculture (USDA) quoted the US ...

Source: Thepigsite