CME hog and cattle contracts end firm

This advertisement has not loaded yet, but your article continues below.

Author of the article:

Article content

CHICAGO — CME cattle and hog futures rose on Wednesday, supported by concerns about near-term supplies, traders said.

Analysts were expecting a U.S. Agriculture Department report on Friday to show that the number of cattle on feed as of July 1 was 99% of the year-earlier amount. Placements during June were seen at 95.9% of the June 2020 total and marketings 102.1% of a year ago.

CME August lean hog futures gained 1.575 cents to 106.575 cents per pound, while October firmed 1.375 cents to 92.4 cents.

This advertisement has not loaded yet, but your article continues below.

Article content

The October hogs contract hit a five-week peak but faced resistance at the high end of its 20-day Bollinger range.

Daily hog slaughter held steady at 474,000 head on Wednesday, the USDA said, matching the nearly four-week high hit on Tuesday.

CME’s most-active October live cattle futures rose 0.55 cent to 125.25 cents per pound, while nearby August futures gained 0.275 cent to 120.05 cents.

CME August feeder cattle finished 1.25 cents higher at 156.775 cents per pound.

Boxed beef prices were mostly lower, with choice cuts rising 36 cents to $265.24 per cwt and select cuts adding 19 cents to $248.77 per cwt, the USDA said. , . (Reporting by Mark Weinraub; editing by Richard Pullin)

The Logic

In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post.

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More