Cattle futures firm as corn prices fall - CME
Hog futures weaken
28 April 2023
1 minute read
By: Chicago Mercantile Exchange (CME) cattle futures ended firm on Thursday as corn futures sank to a nine-month low, reported Reuters.
The falling corn prices raised prospects for reduced feeding costs, traders said.
Hog futures weakened, pressured by a round of profit taking after hitting their highest since April 4.
The gains in cattle were kept in check by weak export data and profit taking by speculators.
CME's most-active June live cattle contract gained 0.625 cent to 165.2 cents. The front month April live cattle contract gained 0.925 cent to 175.45 cents per pound.
CME April feeder cattle were flat at 202.675 cents per pound. Most-active August feeder cattle gained 0.625 cent to 231.575 cents.
The August, September, October, November, January and March feeder cattle contracts all hit new highs during the session.
CME May lean hogs dropped 0.15 cent to 78.125 cents per pound. June lean hogs dipped 0.175 cent to 90.1 cents per pound.
The US Department of Agriculture earlier on Thursday said that export sales of beef totalled 9,500 tonnes in the week ended April 20, down from 19,100 tonnes a week earlier.
Weekly pork export sales rose to 54,000 tonnes, a marketing year high for 2022/23, from 36,100 tonnes.
