August live cattle settle up - CME
Hog futures rebound from Friday's lows
31 May 2023
1 minute read
By: Chicago Mercantile Exchange (CME) hog futures surged their daily limit on Tuesday, rebounding from Friday's life-of-contract lows on a round of bargain-buying and short-covering toward the end of the month, and as feed grain futures fell sharply, Reuters reported, citing traders.
"It really got grossly overdone to the bottom side," said Dennis Smith, commodity broker for Archer Financial Services.
CME lean hogs for June delivery settled up 4.750 cents, the daily maximum, at 80.825 cents per pound, and most-active July hogs ended up the 4.750-cent limit at 79.525 cents per pound.
Daily limits in CME lean hog futures will widen to 7 cents per pound for Wednesday's session.
Stronger wholesale pork prices added support. The US Department of Agriculture priced carcasses late Tuesday at $83.68 per hundredweight (cwt), up $1.48 from Friday.
Cattle futures also advanced, with CME live cattle and feeder cattle futures setting across-the-board contract highs, supported by strong cash cattle trade last week and firm beef prices.
CME August live cattle settled up 2 cents at 167.175 cents per pound after setting a contract high at 167.250. August feeder cattle rose 3.850 cents to settle at 237.775 cents per pound after notching a contract high at 238.550 cents.
Chicago Board of Trade corn futures fell 1.7%, snapping a five-session climb and signaling softening costs for livestock feed.
