Live cattle make gains, hog futures set new contract highs
The amount of cattle on feed on 1 March is 101% of last year
28 March 2022
1 minute read
Chicago Mercantile Exchange (CME) hog futures rallied on Friday, with most contracts setting new highs as strong prices for pork and concerns about supplies underpinned the market, reported Reuters.
Most-active June lean hog futures jumped 3.775 cents to finish at 125.85 cents per pound, closing above the high end of its 20-day Bollinger range after facing resistance at that key technical point on Thursday.
The contract peaked at its all-time high of 126.15 cents during the session.
CME's most-active June live cattle gained 0.425 cent to 137.375 cents per pound.
May feeder cattle futures fell 1.175 cents to 165.325 cents per pound. The contract dropped below its five-day and 20-day moving averages.
A US Department of Agriculture (USDA) report on Friday afternoon showed that the amount of cattle on feed as of 1 March was 101% of the year-earlier total. Analysts had been expecting the report to show 101.1%.
Placements during February were 109% of February 2021, topping market forecasts for 106.1%, and marketings were 105% of the year-ago total, also above trade forecasts for 104.2% of the year-ago total.
Choice cuts of boxed beef fell by 32 cents to $262.09 per cwt by Friday morning, according to USDA data. Select cuts were $1.55 lower at $251.04 per cwt.
Source: Reuters
