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

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 ...