Chicago | Reuters — Chicago Mercantile Exchange live cattle and hog futures contracts were mostly weaker on Tuesday, with ample supplies weighing on prices.
Traders also noted pressure from poor cash market values and concerns about demand due to worries about the global economy.
“There probably is a little bit of a drag from outside markets,” said Matthew Wiegand, a broker with FuturesOne. “There is a bit of a risk-off tone.”
Feeder cattle contracts were mixed.
CME’s most-active June live cattle contract dropped 0.525 cent, to 164.025 cents (all figures US$). The front-month April live cattle contract ended unchanged at 174.3 cents/lb.
CME April feeder cattle ended down 0.475 cent at 202.075 cents/lb. Most-active August feeder cattle gained 0.175 cent, to 229.5 cents.
CME May lean hogs dropped 0.825 cent to 76.875 cents/lb. June lean hogs shed 0.3 cent to 87.05 cents/lb.
The June contract closed off its session peak after facing technical resistance at its 20-day moving average for the second day in a row.
— Reporting for Reuters by Mark Weinraub in Chicago.
