Chicago | Reuters — CME Group hog futures rose on Tuesday, snapping a streak of five straight losing sessions on some mild short-covering, traders said.
Gains were kept in check by concerns that demand for pork during China’s Lunar New Year celebrations will be lighter than usual due to rising COVID-19 cases in the country.
CME February lean hogs gained 0.875 cent, to 84.575 cents/lb. (all figures US$). Nearby December hogs edged up 0.45 cent, to 82.4 cents/lb., in thin trading ahead of the contract’s expiration on Friday.
CME benchmark February live cattle gained 0.25 cent, to 156.35 cents/lb., while the spot December contract edged up by 0.5 cent, to 154.9 cents/lb.
CME January feeder cattle rose 0.575 cent, to 184.225 cents/lb.
Boxed beef prices dropped on Tuesday, with choice cuts falling $2.07, to $254.95 per hundredweight (cwt), while select cuts eased by 22 cents, to $225.46/cwt, USDA said.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
