Chicago | Reuters — Chicago Mercantile Exchange lean hog futures fell for the fourth straight session on Monday, with the most-active June contract hitting a new low, with traders focused on cash market weakness and light demand for pork.
In CME cattle futures, feeder cattle contracts rebounded from six straight losing sessions on some bargain buying. Feeder cattle had hit their highest in nearly eight years before the losing streak as traders bid up prices due to declining corn costs that made it cheaper to feed animals.
Read Also
U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
Most actively traded June lean hog futures settled down 0.475 cent at 83.3 cents/lb. after reaching a contract low of 83.025 cents/lb. during the session (all figures US$).
Technical support was noted around the low end of the contract’s 20-day Bollinger range.
August feeder cattle rose 1.675 cents to close at 223.1 cents/lb. The contract rose above its 40-day moving average during the session.
June live cattle finished 0.5 cent higher at 162.425 cents/lb., closing off its session high after facing resistance near its 30-day moving average.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
