US cattle, hog futures drop - CME

Declines limited
calendar icon 2 March 2023
clock icon 1 minute read

Chicago Mercantile Exchange (CME) live cattle futures weakened on Wednesday, with profit taking noted as prices remained near multi-year highs hit during February, reported Reuters

Strength in the cash market limited the declines.

Hog futures also were weaker but the market remained underpinned by hopes that recent weakness in soybeans and corn will cut into feeding costs in the coming months.

Most-active April live cattle dipped 0.35 cent to close at 165.125 cents per pound. Technical resistance was noted at the high end of the contract's 20-day Bollinger range. Support was noted at its 20-day moving average.

Wholesale boxed beef prices were steady to firm. Choice cuts were priced at $287.83 per cwt on Wednesday afternoon, $1.12 lower than a day earlier, according to US Department of Agriculture (USDA) data. Select cuts were down $2.82 at $276.43 per cwt.

CME March feeder cattle futures fell 1.5 cents to 188.3 cents per pound. The contract peaked at 191.1 cents, the highest for the front-month contract in nearly 7-1/2 years, on Wednesday morning.

CME April lean hogs ended 0.225 cent lower at 84.95 cents per pound after hitting resistance at its 20-day moving average. June hogs dropped 0.925 cent to 100.8 cents.

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