Chicago | Reuters — Chicago Mercantile Exchange lean hog futures ended down sharply on Wednesday in a profit-taking setback following seven sessions of gains that took actively-traded nearby months to contract highs.
A bearish U.S. Department of Agriculture (USDA) cold storage report on Tuesday showed larger frozen pork supplies, including a 17 per cent month-over-month rise in pork belly stocks, also weighed on futures.
CME April lean hog futures plunged 4.05 cents to settle at 108.025 cents/lb., while June futures dropped 2.45 cents, to 118.775 cents/lb. (all figures US$).
Live cattle futures declined as easing wholesale beef prices and rising feed grain costs triggered fund selling.
The choice boxed beef cutout value was 76 cents lower on Wednesday at $260.88/cwt, the lowest since Dec. 15, according to USDA data. The select cutout was down $4.68 at $258.96/cwt, the lowest since Jan. 3.
April live cattle fell 1.275 cents, to 144.75 cents/lb.; March feeder cattle fell 1.45 cents, to 162.775 cents/lb.
— Reporting for Reuters by Karl Plume in Chicago.
