US cattle futures rise on tightening supply, firm cash prices - CME
Lean hog contracts touch highest level since June 2021
9 August 2022
1 minute read
Chicago Mercantile Exchange (CME) live cattle futures climbed to a 3-1/2 month peak on Monday, supported by firm cash market prices and tightening supplies, reported Reuters.
Falling corn feed prices supported feeder cattle futures, while lean hog contracts also gained and touched the highest level since June 2021.
CME August live cattle futures peaked at 138.775 cents per lb, the highest for a front-month contract since 29 April, and ended 0.475 cent higher at 138.350 cents per lb. Most actively traded October rose 0.350 cent to settle at 144.225 cents.
Cash cattle at US Plains feedlot markets traded around $1 per cwt higher last week and could remain firm as supplies of fed cattle are expected to get tighter in the weeks and months ahead.
September feeder cattle futures closed up 2.225 cents at 185.650 cents per lb as corn values fell for a third straight trading session.
August lean hog futures ended 0.975 cent higher at 121.800 cents per lb after peaking at 121.975 cents, the highest for a front-month hog contract since June 2021.
The most-active October contract gained 1.900 cents to 100.300 cents, supported by its steep discount to the soon-to-expire August contract.
Source: Reuters
