Cattle, hog futures fall on poor demand - CME
Cattle contracts kept in check by possibility of falling corn prices
11 May 2023
1 minute read
By: Chicago Mercantile Exchange (CME) hog futures fell on Wednesday, as poor demand for pork smothered any bargain buying attempts to pull prices away from contract lows hit earlier this week, reported Reuters.
Cattle contracts also were lower, but the declines were kept in check by expectations that corn prices will remain weak and keep feeding costs in check.
"We still need to show a fundamental improvement," Matt Wiegand, a commodity broker at FuturesOne said in reference to prospects for bargain buying rallies in both cattle and hog markets.
Most actively traded June lean hog futures dipped 0.225 cent to 84.175 cents per pound.
August feeder cattle fell 0.975 cent to 225.15 cents per pound.
June live cattle dropped 0.925 cent to 163 cents per pound. The contract fell below its 10-day and 30-day moving averages.
