Chicago | Reuters — Chicago Mercantile Exchange hog futures edged higher on Monday, with the market recovering after hitting its lowest in nearly six weeks on Friday, traders said.
But gains were kept in check by poor exports and ample supplies of pork.
Cattle futures were weaker as the market digested a report released late on Friday that showed marketings of cattle were bigger than trade expectations.
CME October lean hogs rose 0.85 cent, to 93.975 cents/lb. (all figures US$). The contract rose above its 50-day and 100-day moving averages before hitting technical resistance at its 40-day moving average.
CME October live cattle futures fell 0.75 cent to settle at 144.5 cents/lb., dropping below their 10-day moving average, while CME September feeder cattle futures dropped 0.4 cent, to 184.35 cents/lb.
A U.S. Agriculture Department report released after the close on Monday afternoon showed that frozen beef stocks totaled 510.841 million lbs as of July 31, up from 400.843 million lbs/ a year earlier.
U.S. frozen pork belly stocks stood at 42.443 million lbs/, up from 27.778 million in July 2021.
— Reporting for Reuters by Mark Weinraub in Chicago.
