US hog futures close mostly higher

Published Feb 6, 2023

Tridge summary

CME live cattle futures reached a record high due to a USDA report showing a decrease in the US cattle herd, leading to speculative buying. Wholesale beef prices prevented further rallies. April live cattle futures settled at 164.125 cents per pound, and February live cattle ended up at 160.275 cents. Feeder cattle futures also closed higher. In the beef market, choice cuts were priced at $264.74 per cwt, down from Thursday, and select cuts were priced at $251.61 per cwt. Hog futures closed mostly higher, with April hogs up 0.475 cent at 86.475 cents per pound.

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

Original content

Chicago Mercantile Exchange (CME) live cattle futures set life-of-contract highs on Friday as a government report this week showing reduced US cattle supplies continued to inspire speculative buying, Reuters reported, citing traders. A seasonal slide in wholesale beef prices capped rallies. But traders remained fixated on longer-term supplies after the US Department of Agriculture on Tuesday reported a 3% year-on-year drop in the size of the US cattle herd. CME benchmark April live cattle futures settled up 0.300 cent at 164.125 cents per pound after posting a contract high at 164.225 cents. Front-month February live cattle ended up 0.525 cent at 160.275 cents after setting its contract high at 160.475 cents. "The fundamentals are so bullish. With the tightening (cattle) numbers, people just want to be long cattle (futures)," said Dan Norcini, an independent trader. CME feeder cattle futures closed higher as well, with the March contract finishing up 0.175 cent at 186.100 cents ...

Source: Thepigsite