Hog futures, feeder cattle rise - CME

Pork demand from China could be lighter due to Covid-19 cases
calendar icon 14 December 2022
clock icon 1 minute read

Chicago Mercantile Exchange (CME) hog futures rose on Tuesday, snapping a streak of five straight losing sessions on some mild short-covering, Reuters reported, citing traders.

Gains were kept in check by concerns that demand for pork during China's Lunar New Year celebrations will be lighter than usual due to rising COVID-19 cases in the country.

CME February lean hogs gained 0.875 cent to 84.575 cents per pound. Nearby December hogs edged up 0.45 cent to 82.4 cents per pound in thin trading ahead of the contract's expiration on Friday.

CME benchmark February live cattle gained 0.25 cent to 156.35 cents per pound, while the spot December contract edged up by 0.5 cent to 154.9 cents per pound.

CME January feeder cattle rose 0.575 cent to 184.225 cents per pound.

Boxed beef prices dropped on Tuesday, with choice cuts falling $2.07 to $254.95 per hundredweight (cwt), while select cuts eased by 22 cents to $225.46 per cwt, the US Department of Agriculture said.

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