LIVESTOCK-CME cattle futures rise on fund moves, analysts say
CME•Hog futures turn lower
Hog futures turned lower, though bounced off lows on bargain buying on strength of wholesale prices, traders said. The USDA priced the pork carcass cutout on Wednesday morning at $102.23 per cwt, up $2.40 from Tuesday.
CME August lean hog futures LHQ26 settled down 1.250 cents at 96.600 cents per pound. October hogs LHV26 ended 1.325 cents lower at 83.025 cents per pound.
Wholesale beef mixed as consumer demand holds
Meanwhile, beef wholesale prices were mixed on Wednesday morning. The USDA priced choice cuts of beef at $369.25 per hundredweight (cwt), down 40 cents. But select cuts were priced $3.52 higher at $350.02 per cwt.
Consumer demand is showing no real sign of slowing, and instead seems to be relatively stable and firming ahead of the U.S. Labor Day holiday, Norcini said.
Live cattle and feeder cattle settle higher; hogs ease
CME August live cattle LCQ26 futures settled up 2.225 cents on Wednesday at 234.175 cents per pound. Most-active October futures LCV26 ended 1.575 cents higher at 229.475 cents a pound.
CME August feeder cattle futures FCQ26 rose 2.125 cents to 353.325 cents per pound, while all back-month contracts also ended the session higher.
Cattle futures firm on technical trading and fund moves
Chicago Mercantile Exchange (CME) cattle futures firmed on Wednesday on another day of technical trading and fund moves, market analysts said.
Traders are starting to look back at the longer-term macro view of the cattle market, and focus on the tight supply of animals, rather than continue to react to last month's news of the U.S. Department of Agriculture announcing it would lift a ban on imports of Mexican cattle imposed more than a year ago.
