Daily Stock Market News

LIVESTOCK-Hog, cattle futures fall despite strong demand

CHICAGO, May 31 (Reuters) – Chicago Mercantile Exchange
Group Lean Hog Futures fell on Tuesday, amid outside pressure
from agricultural markets, despite strength from strong
slaughter and cash hog prices.

“We just had a risk-off day,” said Matthew Wiegand, Risk
Management Consultant at FuturesOne. “Cash trade kicked up and
is trading above the board.”

The CME’s Lean Hog Index, a two-day weighted average of cash
hog prices, added 53 cents to $104.93 per cwt.

The nearby June hogs contract lost 2.425 cents to
107.975 cents per pound. Most-active July hog futures
fell 3.725 cents to 108 cents per pound.

Hog processors slaughtered 480,000 head, up 7,000 vs. a week
ago and 20.6% higher than the same time a year earlier.

Meanwhile, live and feeder cattle futures fell, despite good
demand for meat and strong processing pace, Wiegand noted.

“You had good boxed-beef movement and price action coming
out of the weekend. Early cash trade was still solidly above the
board on live cattle as well,” he said.

CME June live cattle dropped 1.650 cents to 130.525
cents per pound, while the most-active August live cattle
lost 2.025 cents to 130.375 cents per pound.
CME August feeder cattle fell 1.200 cents to 165.125
cents per pound.

Prices for choice cuts of boxed beef firmed $2.12 to $267.54
per cwt on Tuesday, while select cuts rose $2.15 to $248.65,
according to U.S. Agriculture Department data.

Cash cattle traded from $135 per cwt. in the Southern U.S.
Plains to $140 per cwt. in the Northern Plains, the USDA said.

Packers slaughtered 126,000 head of cattle on Monday, up
slightly from a week ago and a 32.63% increase from the same day
in 2021.
(Reporting by Christopher Walljasper; Editing by Krishna
Chandra Eluri)

Read More: LIVESTOCK-Hog, cattle futures fall despite strong demand

You might also like