Chicago | Reuters — Chicago Mercantile Exchange cattle futures rebounded from multi-month lows on Monday, while hog futures eased on follow-through selling after notching a limit-down decline on Friday.
Live cattle futures snapped an eight-session losing streak that saw the April contract shed seven per cent of its value and drove prices to their lowest since mid-September.
The livestock market remained under pressure from concerns that Russia’s invasion of Ukraine, which has halted grain exports from those key Black Sea suppliers, will drive up the cost of feed.
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CME April live cattle ended up 2.125 cents at 137.9 cents/lb., while April feeder cattle rose 2.425 cents to 159.675 cents (all figures US$).
Traders said that the cattle market was technically oversold after the sharp declines last week.
Choice cuts of boxed beef eased by 48 cents, to $254.82/cwt, the U.S. Department of Agriculture said. Select cuts rose by 68 cents, to $249.09/cwt after a steep fall on Thursday.
CME April lean hog futures closed down 0.175 cent to end at 100.275 cents/lb.. June hogs slipped 0.75 cent to finish at 111 cents/lb.
The trading limit for hogs will revert to 4.75 cents after expanding to seven cents on Monday, exchange owner CME Group said.
— Reporting for Reuters by Mark Weinraub in Chicago.
