Chicago Mercantile Exchange lean hog futures slumped to a February low on Thursday under pressure from solid U.S. production and weaker cash prices, traders said.
Chicago Mercantile Exchange live and feeder cattle futures rallied on Wednesday amid expectations of strength in the cash markets, while lean hog futures faced continued pressure from data showing that U.S. packers are processing a glut of pork, analysts said.
Chicago Mercantile Exchange lean hog futures dropped to their lowest level since February under pressure from solid U.S. production on Tuesday, while live cattle futures reached their highest price since March, analysts said.
Wholesale beef prices have jumped this week as retailers and meat processors look ahead to the Memorial Day weekend at the end of the month. The holiday is considered the start of the peak grilling season for products like steaks and hamburgers.
Chicago Mercantile Exchange live cattle futures firmed for a second straight day on Wednesday as rising beef prices and strong packer demand ahead of the Memorial Day holiday weekend supported the market, analysts said.
Chicago Mercantile Exchange live cattle and feeder cattle futures rallied on Tuesday as soaring boxed beef prices fueled hopes for increased demand, analysts said.
Chicago Mercantile Exchange (CME) live cattle futures eased on Monday on ample supplies of market-ready cattle and expectations for flat to lower cash cattle sales this week, traders and analysts said.
Chicago Mercantile Exchange (CME) cattle futures were mixed on Friday, with live cattle contracts turning higher and a rally in Chicago corn futures Cv1 pressuring most feeder cattle contracts lower.
Chicago Mercantile Exchange (CME) cattle futures turned lower on Thursday amid a day of sideways and choppy trading, as wholesale beef prices dropped and cash cattle markets saw limited activity.
Chicago Mercantile Exchange live cattle futures firmed on Tuesday on technical buying, while lean hog contracts ended higher in a technical and short-covering rebound following four days of declines.