US cattle futures sag - CME

Lean hog futures hit their lowest level in about four weeks on Wednesday before ending mixed as traders adjusted positions before the Thanksgiving holiday, reported Reuters. The market has dropped about 8% since rising on Nov. 7 to the highest price in more than a month, as ample US supplies are looming over futures. Meatpackers slaughtered an estimated 450,000 hogs on Wednesday, up from 448,000 hogs a year earlier, the US Department of Agriculture said. On Thursday, CME markets will be closed for Thanksgiving. December lean hog futures ended up 0.100 cent at 68.275 cents per pound at the CME after falling earlier to the lowest price since Oct. 26. February lean hog futures touched their lowest price since Oct. 27 before ending down 0.500 cent at 71.825 cents per pound. Livestock traders are waiting for the US to issue weekly pork and beef export sales data on Friday, a day later than usual because of Thanksgiving. The USDA quoted the wholesale pork carcass cutout at $84.68 per ...