Cattle futures slip on Iran fears, energy price surge - CME
Hog futures climb on firm pork prices and heat forecast
9 July 2026
1 minute read
By: Chicago Mercantile Exchange (CME) lean hog futures closed higher on Wednesday, supported by firm wholesale pork prices and concerns that forecast hot weather across the US Midwest next week could curb hog weight gains, Reuters reported, citing analysts.
The US Department of Agriculture reported the pork carcass cutout value at $97.16 per cwt late Wednesday, up 25 cents from Tuesday and marking its fifth consecutive daily increase.
Meanwhile, warming temperatures expected in the US Midwest and Plains into mid-July could lower hog weights, potentially tightening meat supplies.
"Once we get this hot weather coming in, that could slow weight gains or reduce market weights a bit," said Doug Houghton, analyst with Brock Capital Management.
CME's benchmark August lean hog futures settled up 2.725 cents on Wednesday at 99.650 cents per pound and posted a session top of 99.925 cents, the highest in a month.
The August and October hog contracts both pushed through their respective 40-day moving averages for the first time since mid-May, likely attracting chart-based buying, Houghton said.
In the cattle markets, CME feeder cattle futures rallied. The August contract settled up 1.400 cents at 362.050 cents per pound after dipping early in the trading session to 353.700 cents, its lowest since June 3.
Live cattle futures ended modestly weaker. CME August live cattle finished down 0.800 cent on the day at 237.625 cents per pound but pared losses after hitting a one-month low of 234.375 cents.
Cattle futures were pressured in part by worries that declines on Wall Street and rising energy prices could erode consumer demand for beef. Stocks cooled and crude oil prices rose on Wednesday after US President Donald Trump said the interim peace deal with Iran was "over" and the US announced fresh military strikes.
"Higher energy costs are never good for beef demand," Houghton said.
Traders awaited Thursday's weekly export sales report from the USDA for clarity on a spike in beef export sales that appeared in the government's previous report released on July 2.
The USDA's Foreign Agricultural Service said in a statement on its website that "incorrect beef export sales data" was reported to the USDA for the July 2 report, and that corrected data would be published on July 9.
