Chicago | Reuters — Chicago Mercantile Exchange hog futures rose on Friday, supported by strength in the cash market and good overseas demand for pork, traders said.
Cattle futures were mixed, with feeder cattle contracts easing on a round of profit-taking after setting new contract highs while live cattle contracts ended firm.
CME’s most-active June live cattle contract gained 0.275 cent, to 165.475 cents (all figures US$). June cattle futures rose 0.6 per cent this week, their sixth straight weekly gain.
Most-active August feeder cattle dropped 0.85 cent, to 230.725 cents, capping a week that saw prices rise 0.4 per cent. August feeder cattle future have risen for five weeks in a row.
CME May lean hogs rose 1.525 cents, to 79.65 cents/lb. June lean hogs gained 1.6 cents to 91.7 cents/lb. June hogs, the most active contract, rose 6.5 per cent this week.
Tyson Foods does not expect to resume production until the second week of May at its pork plant at Madison, Neb., about 170 km northwest of Omaha, following a weekend fire, the meatpacker said.
— Reporting for Reuters by Mark Weinraub in Chicago.
