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US cattle, hog futures rise - CME

08 June 2022

Good export prospects, strength in cash supported futures

Chicago Mercantile Exchange (CME) cattle futures rose on Tuesday, supported by good export prospects and strength in the cash market, reported Reuters, citing traders.

Hog futures firmed on a technical bounce.

US beef processors on Tuesday slaughtered an estimated 126,000 cattle, up from 121,000 a year ago, the US Department of Agriculture (USDA) said. Hog slaughter was reported at 479,000 compared to 483,000 last year. 

CME June live cattle rose 0.9 cent to settle at 133.725 cents.

The most-active August live cattle gained 1.225 cents to 134.125 cents.

CME August feeder cattle rose 0.475 cent to 172.45 cents per pound.

Most-active July lean hog futures firmed by 0.3 cent to 109.275 cents per pound. Support for the contract was noted at its 20-day moving average. July hogs rose above their 30-day moving average during the session but hit resistance at their 10-day moving average.

Carcass values in the US pork cutout fell by $0.96 to $107.83 per 100 lbs, while belly values gained $3.26 to $165.58 per 100 lbs, the USDA said.

Prices for choice cuts of boxed beef were reported at $271.42 per 100 lbs on Tuesday afternoon, up $1.84 from a day earlier, while select cuts fell $1.53 to $249.56 per 100 lbs.

Source: Reuters


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