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US hog futures firm on the CME

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Market & Price Trends
Published Feb 26, 2024

Tridge summary

Chicago Mercantile Exchange (CME) cattle futures saw a surge on Friday, driven by increased fund inflow and a decrease in feed prices. The drop in corn futures below $4 per bushel for the first time since November 2020, coupled with better weather conditions, has led to a rise in demand for feeder cattle. Despite the USDA reporting nearly 11.8 million cattle on feed for slaughter on Feb. 1, up 0.37% from a year earlier, placements of cattle in feedlots during January were down 7.4% from 2023. CME April live cattle settled up 1.350 cents at 187.900 cents per pound, and March feeder cattle futures ended up 2.525 cents at 254.575 cents per pound.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Chicago Mercantile Exchange (CME) cattle futures rallied on Friday, as funds continued to flock into the market and the cost of feed prices fell sharply, Reuters reported, citing market analysts. CME feeder cattle futures saw strong support from Chicago Board of Trade corn futures dipping below $4 per bushel in the front-month contract for the first time since November 2020, as hefty US and global supplies weighed over the market. Improving weather in the Plains is fueling demand for feeder cattle in the cash market, as producers can put the animals on grass fields to graze and put on weight relatively cheaply, said Dan Norcini, an independent livestock trader. "There is a real bidding war that's happening for feeders right now," Norcini said, noting tight US cattle supplies also underpinned the cattle market. After the close of trading, the USDA said in its monthly Cattle on Feed report that there were nearly 11.8 million cattle on feed for slaughter on Feb. 1, up 0.37% from a ...
Source: Thepigsite
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