Chicago Mercantile Exchange lean hog and live cattle futures closed higher on Tuesday, as market participants appear to be betting that the dockworker strike being short-lived, market analysts and traders said.
Chicago | Reuters – Chicago Mercantile Exchange lean hog futures closed mostly lower on Friday, pressured by government data showing the U.S. hog herd expended two per cent during the last quarter as well as worries about a potential strike at U.S. ports next week, analysts said. Some 45,000 union workers could walk off the […] Read more
Feeder and live cattle futures turned higher on Thursday, as technical trading, a steady cash market and weakness in grain futures gave cattle contracts a boost.
Mercantile Exchange live cattle futures ended mostly lower on Wednesday, consolidating a day after the benchmark December contract LCZ25 set a near two-month high.
Benchmark December live cattle futures LCZ24 on the Chicago Mercantile Exchange climbed to their highest in nearly two months on Tuesday, supported by technical buying and a rosy outlook for beef demand tied to strength in Wall Street equity markets, analysts said.
Chicago Mercantile Exchange live cattle and feeder cattle futures jumped on Thursday as traders adjusted positions ahead of the U.S. Department of Agriculture's monthly cattle on feed report and saw strong U.S. export demand, according to analysts.
Chicago Mercantile Exchange lean hog futures ticked up on Wednesday as pork cutout values remained strong and a weaker dollar made U.S. exports more competitive, traders said.
Traders booked profits ahead of the weekend, after the markets previously found support from gains in equities and improved processor margins that should boost demand for slaughter-ready cattle. Beef processors were earning $54.30 for each head of cattle they slaughtered, after losing money on each animal just a month ago, HedgersEdge.com data shows.