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CME lean hog futures fall on excessive provide, export demand issues

Creator of the article:

Reuters

Reuters

Christopher Walljasper

Publishing date:

Nov 29, 2022  •  0 minutes in the past  •  1 minute learn

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CHICAGO — Lean hog futures on the Chicago Mercantile Alternate eased for a fifth consecutive session on Tuesday, pressured by a mix added seasonal provide and deflated demand as China faces protests over COVID-19 lockdowns.

“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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Nelson stated unsure export demand to China is including to regular seasonal strain.

Commercial 2

The CME February lean hogs contract misplaced 0.600 cents to 84.150 cents per pound after falling to 84.025 cents, the contract’s lowest since Oct. 17.

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)

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