USA: Quotes of pork and beef fell on the CME exchange

Published 2023년 1월 2일

Tridge summary

From December 23 to December 30, 2023, the Chicago Mercantile Exchange (CME) witnessed a significant decline in both cattle and pork futures. The decrease was attributed to concerns over low cattle meat stocks and adverse weather conditions that affected slaughter numbers. Cattle quotes fell by 1.32% to $1.5483 per pound, while pork quotes dropped by 0.15% to $0.877 per pound. This decline came after a period of rising quotes, with cattle quotes peaking at $1.569 per pound and pork quotes at $0.8783 per pound from December 16 to December 23. The decrease in quotes reflects a slowdown in the demand for these meats, particularly due to economic factors and traditionally lower demand in winter.

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

Original content

From December 23 to December 30, the cattle and pork futures market on the Chicago Mercantile Exchange developed in the same direction. Although during the week the quotations of pork and cattle meat were not stable, but by the end of the week they went down sharply and turned out to be lower than the values recorded as of December 23, KazakhZerno.kz writes. In the middle of the week, on Wednesday, the CME Group saw a drop in livestock futures after rising on Tuesday. Traders remained concerned about low stocks of commercially available cattle meat. Due to the frosty and snowy weather that was observed in the Great Plains of the United States in the week leading up to Christmas, the slaughter of these cattle has decreased. By Wednesday, they noticed a slight improvement: 128,000 heads of cattle were sent for slaughter. Lean pork futures dipped on Wednesday due to technical selling. They are forecast to remain high in early 2023, although slaughter in Q1 will be lower than in Q4 ...

Source: Kazakh-zerno