Chicago | Reuters — Chicago Mercantile Exchange cattle futures rose on Monday supported by expectations of souped-up demand as economies begin to fully re-open after shutdowns related to COVID-19.
“Cattle futures continue to price in better days ahead and the technical picture looks improved as well,” brokerage StoneX said in a statement.
The most-active June live cattle contract rose for the sixth time in seven sessions. The contract has risen 4.1 per cent during that stretch.
Hog futures eased, with traders noting profit-taking following the market’s run-up to its highest since May 2019 last week.
CME April live cattle settled up 0.125 cent at 119.125 cents/lb. (all figures US$).
The June contract gained 1.35 cents, to 121.775, closing below its session peak after failing to hold support above the high end of its 20-day Bollinger range. The June live cattle contract hit its highest since Feb. 12.
April feeder cattle futures settled up 0.7 cent at 143.925 cents/lb., after reaching 144.6, the contract’s highest since Feb. 26.
CME April lean hog futures settled down 0.85 cent at 90.55 cents/lb. June hogs dipped 0.075 cent to close at 98.925 cents.
The U.S. Department of Agriculture reported the pork carcass cutout value on Monday afternoon at a 9-1/2-month high of $102.44, up $4.14 from Friday afternoon.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.