Chicago | Reuters — Chicago Mercantile Exchange hog futures were mixed on Tuesday, with deferred contracts firming on expectations that supplies will remain tight until the summer, traders said.
The front-month hog contract eased on follow-through selling after hitting technical resistance and closing well below its peak on Monday.
Cattle futures also were weaker, pressured by concerns about high feeding costs due to high prices for corn and wheat.
CME April lean hog futures dipped 0.375 cent to end at 100.25 cents/lb. (all figures US$). Most-active June hogs rose 0.25 cent to finish at 120.075 cents/lb. The June contract recovered from early weakness after finding support at its 10-day moving average.
CME’s most-active June live cattle dropped 0.65 cent to 135.7 cents/lb. The contract fell below its 20-day moving average.
April feeder cattle dropped 1.125 cents to 161.2 cents/lb., while most-active May feeder cattle eased 0.325 cent to 165.425 cents/lb.
Choice cuts of boxed beef rose by 99 cents to $259.49 per cwt by Tuesday morning, according to U.S. Agriculture Department data. Select cuts gained $1.01, to $253.51/cwt.
— Reporting for Reuters by Mark Weinraub in Chicago.
