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Cattle futures decline on technical selling, cash weakness - CME

11 March 2022

Pork futures mixed

Chicago Mercantile Exchange (CME) cattle futures fell on Thursday, with weakness in the cash markets pressuring futures, traders said.

Some follow-through selling in cattle also was noted after sharp declines on Wednesday, reported Reuters.

Pork futures were mixed, with the most-active April contract falling after a government report showed a sharp drop in exports while deferred offerings rose.

The US Agriculture Department (USDA) said on Thursday that export sales of beef totalled 27,500 tonnes in the week ended 3 March, up from 23,800 a week earlier. 

Pork export sales fell to 25,400 tonnes from 42,200. 

CME April live cattle dropped 1.675 cents to 135.9 cents per lb. April feeder cattle fell 3.9 cents to 156.25 cents per pound, while most-active May feeder cattle dropped 4.125 cents to 161.8 cents.

Choice cuts of boxed beef rose by $1.23 to $254.02 per cwt by Thursday morning, the USDA said. Select cuts gained $2.73 to $247.21 per cwt.

CME April lean hog futures closed down 1.05 cents to end at 100.1 cents per pound. June hogs gained 0.975 cent to finish at 114.9 cents per pound.

Source: Reuters



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