“This three-week interval, we’re pushing a big provide of hogs via the system,” stated Wealthy Nelson, chief strategist at Allendale, Inc. “Sometimes, this market does like to interrupt on a seasonal foundation, via the primary week of December.”
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The close by December hog contract added 0.475 cents to finish at 81.075 cents per pound.
Processors slaughtered 494,000 hogs on Tuesday, up 15,000 from the identical week a yr in the past.
In the meantime, stay cattle futures firmed, supported by tight cattle provides, although seasonal pressures loom.
“Cattle does have story, but it surely has a seasonal value transfer in entrance of it,” stated Nelson. “There’s a fast, quick time period, very extreme drop forward.”
CME benchmark February stay cattle gained 0.125 cent to 154.800 cents per pound. The spot December contract added 0.100 cent to 152.675 cents per pound.
CME January feeder cattle completed up 1.125 cents at 178.000 cents per pound.
Boxed beef costs fell on Tuesday, with selection cuts dropping $1.18 to $253.35 per cwt., whereas choose cuts falling $1.99 to $226.54 per cwt. (Reporting by Christopher Walljasper; Modifying by Krishna Chandra Eluri)