Chicago | Reuters — Chicago Mercantile Exchange hog futures were mostly higher on Tuesday, supported by prospects for improving export demand, traders said.
The market was waiting for a pickup in deals from China due to the spread of African swine fever there.
“That hope is still out there, but it’s elusive, and it’s up to China,” said Don Roose, president of U.S. Commodities in West Des Moines, Iowa.
Record U.S. supplies kept futures market gains in check.
CME February hog futures settled up 0.7 cent at 62.6 cents/lb. (all figures US$).
Cattle futures were strong, with the front-month February live cattle contract hitting an all-time high on support from steady cash trade. CME February live cattle settled up 2.1 cents at 125.3 cents/lb., just off its session high.
CME March feeder cattle was up 1.5 cents at 145.4 cents/lb.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.