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Cattle, hog futures fall on rising corn costs - CME

07 June 2022

Ample supply pressured by high feed cost concerns

Chicago Mercantile Exchange (CME) live cattle futures fell on Monday, pressured by ample supplies and concerns about feed costs due to high corn prices, reported Reuters, citing traders.

Hog futures were also weak.

US beef processors on Monday slaughtered an estimated 125,000 cattle, up from 117,000 a year ago, the US Department of Agriculture (USDA) said.

A fifth-generation cattle rancher and consultant plans to build the country's largest beef plant in South Dakota with capacity to slaughter 8,000 head of cattle a day.

CME June live cattle fell 0.775 cent to settle at 132.825 cents.

The most-active August live cattle closed 0.95 cent lower at 132.9 cents, finding support at its 10-day moving average.

CME August feeder cattle fell 1.9 cents to 171.975 cents per pound.

In the pork market, most-active July lean hog futures fell 1.775 cents to close at 108.975 cents per pound. The contract faced resistance at its 10-day moving average.

Carcass values in the US pork cutout fell by $0.59 to $108.79 per 100 pounds, while belly values gained $1.79 to $162.32 per 100 pounds, the USDA said.

Source: Reuters


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