Chicago | Reuters — Chicago Mercantile Exchange live cattle futures firmed on Thursday, buoyed by a round of technical support as the market remained near last week’s highs.
Feeder cattle contracts also posted gains, while lean hog futures were mixed
Traders said that tight supplies underpinned cattle futures prices despite demand concerns.
CME August live cattle futures ended 0.525 cent higher at 181.1 cents/lb., closing below its session peak after hitting resistance at the high end of its 20-day Bollinger range (all figures US$).
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Most-active October live cattle rose 0.8 cent, to 181.7 cents/lb., finding support from early weakness at its 20-day moving average.
September feeder cattle futures gained 0.95 cent to settle at 251.575 cents/lb., rising above their five-day and 10-day moving averages during the session.
In the lean hog market, the nearby August contract gained 0.075 cent, to 101.725 cents/lb. The most-active October contract dropped 1.25 cents to 80.325 cents/lb., falling below its 20-day, 50-day and 100-day moving averages.
The U.S. Department of Agriculture (USDA) quoted the wholesale pork carcass cutout at $113.01 on Thursday afternoon, compared with $109.12/cwt on Wednesday. Cutout values for bellies were flat at $223.42.
USDA also reported weekly pork export sales of 22,300 metric tonnes, up from 17,800 tonnes a week earlier. Beef export sales rose to 14,800 tonnes from 12,400.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
