US cattle futures weaken on profit-taking - CME

Hogs fall on technical setback
calendar icon 15 July 2022
clock icon 1 minute read

Chicago Mercantile Exchange (CME) cattle futures fell on Thursday on a round of profit-taking after three straight days of gains, reported Reuters, citing traders.

Signs of weakness in the cash market also weighed on cattle futures.

The front-month feeder cattle contract was setting back from its highest since November 2015.

Hog futures fell on technical selling.

The most-active August live cattle futures dropped 1.475 cents to settle at 135.4 cents per pound, falling below its 100-day and 200-day moving averages during the session.

CME August feeder cattle fell 1.9 cents to close at 178.9 cents per pound. The contract dropped below the high end of its 20-day Bollinger range.

August lean hogs settled 0.925 cent lower at 109.575 cents per pound after hitting its highest since April 19 a day earlier.

The contract hit technical resistance at its 100-day moving average.

The US Department of Agriculture (USDA) said on Thursday morning that weekly export sales of beef totalled 9,200 tonnes, down from 11,000 the prior week.

Pork export sales in the week ended 7 July fell to 18,300 tonnes from 31,200 tonnes, the USDA said.

Source: Reuters

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