Feeder cattle contracts fall after USDA report - CME

May lean hogs make gains
calendar icon 25 April 2023
clock icon 2 minute read

Chicago Mercantile Exchange (CME) live cattle contracts edged higher on Monday, while feeder cattle contracts fell, after US government data released on Friday afternoon showed bigger-than-expected supplies in feedlots, reported Reuters.

The US Department of Agriculture's (USDA) monthly report showed that the number of US cattle on feed, as of April 1, was down 4% from a year earlier - which beat analysts' expectations. USDA reported March placements of cattle into feedlots as down 1%, compared with expectations for a 5.2% drop.

Traders also noted some profit-taking in the feeder cattle contracts.

CME's April live cattle futures settled up 0.325 cent at 174.3 cents per pound. Most-active June live cattle contract gained 0.025 cent to 164.55 cents, settling above its 10-day moving average.

CME April feeder cattle ended down 1.225 cents at 202.55 cents per pound. Most-active August feeder cattle dropped 0.55 cent to 229.325 cents after hitting a contract high on Friday.

CME May lean hogs gained 0.675 cent to 77.7 cents per pound. June lean hogs settled up 1.275 cents at 87.35 cents per pound.

June hogs rose above their 10-day moving average after hitting resistance at that key technical point on Friday.

Tyson Foods Inc is diverting pigs from a Nebraska processing plant after a weekend fire kept the facility closed on Monday. Tyson said the plant, which typically slaughters roughly 8,250 hogs a day, will have limited operations for the rest of the week.

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