CME hog futures firm on summer demand, tight supplies

Author of the article: Reuters Christopher Walljasper CHICAGO — Chicago Mercantile Exchange Group Lean Hog Futures firmed on Wednesday, supported by strong demand that has pushed cash prices higher. “We’re still looking at tighter supplies in front of us,” said Rich Nelson, chief strategist at Allendale Inc. Pork demand firms during the summer, with U.S.…
CME hog futures firm on summer demand, tight supplies

Author of the article:

Reuters

Christopher Walljasper

CHICAGO — Chicago Mercantile Exchange Group Lean Hog Futures firmed on Wednesday, supported by strong demand that has pushed cash prices higher.

“We’re still looking at tighter supplies in front of us,” said Rich Nelson, chief strategist at Allendale Inc.

Pork demand firms during the summer, with U.S. grilling holidays like Fathers Day and Independence day still ahead.

The nearby June hogs contract firmed 1.825 cents to 109.800 cents per pound. Most-active July hog futures added 4.425 cents to 112.425 cents per pound.

The CME’s Lean Hog Index, a two-day weighted average of cash hog prices, added 22 cents to $105.15 per cwt.

News of easing COVID restrictions in China on Tuesday added support, as relaxed lockdowns could mean increased pork exports to the nation.

Live cattle futures also firmed, supported by optimism around expanded processing capacity as the U.S. Agriculture Department attempts to strengthen the U.S. food system.

CME June live cattle firmed 2.275 cents to 132.800 cents per pound, while the most-active August live cattle gained 2.525 cents to 132.900 cents per pound. CME August feeder cattle added 4.600 cents to 169.725 cents per pound, supported by lower corn futures.

Beef packers slaughtered 125,000 head of cattle on Wednesday, in line with the week ago pace and up 15.74% from the same day in 2021.

Prices for choice cuts of boxed beef eased 12 cents to $267.42 per cwt, while select cuts firmed 26 cents to $248.91, according to U.S. Agriculture Department data.

Cash cattle traded from $135 per cwt. in the Southern U.S. Plains to $138 per cwt. in the Northern Plains, the USDA said.

(Reporting by Christopher Walljasper; Editing by Shinjini Ganguli)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Next Big Bet in Emerging Markets Hangs on When Rate Cycles Peak
Read More

Next Big Bet in Emerging Markets Hangs on When Rate Cycles Peak

Author of the article: Bloomberg News Marcus Wong, Lilian Karunungan and Maria Elena Vizcaino (Bloomberg) — Traders of emerging-market debt have a new challenge: Predicting which central banks will be first to halt rate hikes, and then buying bonds from those countries. While that might sound premature to investors digesting the Federal Reserve’s first interest-rate…
Two-year yields highest since March 2020, longer-dated yields dip
Read More

Two-year yields highest since March 2020, longer-dated yields dip

Author of the article: NEW YORK — Two-year Treasury yields hit almost two-year highs on Tuesday, following tepid demand for an auction of the notes on Monday, while longer-dated yields dipped but held within their recent ranges in light trading. Two-year note yields, which are highly sensitive to interest rate shifts, have risen to the…
Equinor writes off $1.8 bln at Britain’s Mariner oilfield
Read More

Equinor writes off $1.8 bln at Britain’s Mariner oilfield

This advertisement has not loaded yet, but your article continues below. Author of the article: Article content OSLO — Equinor has sharply cut resource estimates for its Mariner oilfield in the British North Sea, triggering an impairment of around $1.8 billion, the Norwegian company said in a statement on Wednesday. (Reporting by Terje Solsvik; Editing…