CME: Cattle futures end higher; hogs extend slide

Slowdowns at packing plants continue to cause worries
calendar icon 12 January 2022
clock icon 1 minute read

Chicago Mercantile Exchange live cattle futures closed higher on Tuesday, on a technical bounce a day after falling to three-week lows, with optimism about a slight improvement in the US slaughter pace lending support, traders said.

But worries about slowdowns at packing plants due to worker shortages continued to hang over the market, limiting rallies, reported Reuters.

CME February live cattle futures settled up 1.425 cents at 137.675 cents per pound, while April futures rose 0.625 cent to end at 141.200 cents.

CME March feeder cattle futures ended up 1 cent at 166.350 cents per pound.

US beef processors killed 114,000 cattle on Tuesday, up from 113,000 on Monday and above Friday's tally of 112,000 head, the smallest weekday kill since October.

Cash cattle traded lightly in Texas and Kansas at $137 per hundredweight, traders said, down about $1 from last week's trades.

CME lean hog futures fell for a third straight session, with the benchmark February contract down 0.525 cent at 77.850 cents a pound.

Brokers awaited several key grain reports due Wednesday from the USDA, including a monthly supply/demand report along with quarterly US grain stocks and a survey of U.S. winter wheat seedings for 2022.

Source: Reuters

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