Chicago | Reuters — Chicago Mercantile Exchange hog futures on Thursday edged up from a 6-1/2-month low on a round of short-covering after posting losses in four of the previous five sessions, traders said.
But the hog market remained under pressure from a seasonal slowdown in demand as the grilling season nears its end.
Cattle futures were mixed, with live cattle contracts hitting a 2-1/2-week low while feeder cattle contracts firmed.
CME October lean hogs settled up 0.725 cent at 91.1 cents/lb. (all figures US$). The contract rose above its 200-day moving average during the session but failed to hold support above that key technical point.
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CME October live cattle futures dropped 0.125 cent to settle at 143.65 cents/lb. CME September feeder cattle futures rose 1.225 cent, to 184.25 cents/lb.
In the U.S. wholesale beef market, choice cuts rose 71 cents to $263.54 per hundredweight (cwt), according to the U.S. Department of Agriculture. Select cuts fell eight cents, to $237.54/cwt.
The U.S. Department of Agriculture’s pork carcass value dropped 33 cents to $102.66/cwt on Thursday.
— Reporting for Reuters by Mark Weinraub in Chicago.
