Live cattle, lean hogs rise on technical buying - CME
Both closed out the day near session lows as early buying support faded
8 May 2024
1 minute read
By: Chicago Mercantile Exchange (CME) live cattle futures firmed on Tuesday on technical buying, while lean hog contracts ended higher in a technical and short-covering rebound following four days of declines, reported Reuters.
Both, however, closed out the day near session lows as early buying support faded.
Actively traded CME June live cattle futures finished 0.650 cent higher at 177.625 cents per pound. The benchmark contract hit overhead technical resistance at its 50-day moving average around 178.975, but held underlying chart support at its 100-day average.
August feeder cattle were 1.550 cents higher at 254.425 cents per pound.
Lean hog futures posted strong early gains but ended only slightly higher on the day as growing uncertainty over consumer demand for meat heading into the US summer grilling season weighed on prices.
CME June lean hogs peaked at 100.550 cents per pound but ended up only 0.150 cent at 98.325 cents per pound, holding above technical support at its 100-day moving average. The benchmark contract had fallen to 97.825 cents per pound the previous day, its lowest since Feb. 21.
