Chicago | Reuters — U.S. hog futures rose on Thursday as strength in cash markets and rising export demand sparked a round of bargain buying after prices hit their lowest in more than a year.
But weakness in the cash markets weighed on cattle futures. The U.S. Agriculture Department said on Thursday morning that export sales of pork in the week ended Jan. 19 totaled 44,700 tonnes, up from 34,100 tonnes a week earlier.
The weekly total included 12,500 tonnes of sales to China, the most for the world’s top consumer of pork since the week ended Sept. 1.
Read Also
U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
Export sales of beef rose to 25,200 tonnes from 17,300 tonnes the prior week.
Separately, USDA reported pork carcass prices at $80.46 per hundredweight (cwt) on Thursday afternoon, up $1.35 from a day earlier. February lean hog futures gained 0.225 cent at 77.025 cents/lb. Prices bottomed out at 75.6 cents, the lowest for the front-month contract since Dec. 14, 2021 before rebounding into positive territory.
Most-active April hogs gained 1.675 cent, to 87 cents/lb.
CME February live cattle settled down 0.875 cent at 156.725 cents/lb., and most-active April dropped 1.025 cents to 160.525 cents/lb.
CME March feeder cattle futures dropped 0.9 cent to settle at 182.85 cents/lb.
— Reporting for Reuters by Mark Weinraub in Chicago.
