2/2/2021
By Tom Polansek
CHICAGO, Feb 2 (Reuters) - U.S. lean hog futures surged to a
contract high on strong demand and technical buying on Tuesday,
while cattle futures also advanced, analysts said.
Chicago Mercantile Exchange April lean hog futures
settled up 2.575 cents at 78.075 cents per pound. The contract
traded up to 78.225 cents, topping a previous life-of-contract
high of 77.600 cents from last Tuesday.
CME April live cattle ended 0.825 cent higher at
122.525 cents per pound. March feeder cattle finished up
1.200 cents at 139.125 cents per pound.
Strong export and domestic demand for U.S. beef has helped
support cattle futures, analysts said. It s more of a demand story today than anything else, said
CHICAGO, Jan 21 (Reuters) - CME Group live cattle futures gained on Thursday ahead of a closely watched monthly Cattle on Feed report, due out on Friday from the U.S. Agriculture Department.Traders anticipate the report will show fewer cattle heading into feedlots, as recent rallies in the grain market have increased feed costs."The incentive, for the last three months, has been to limit the cattle you place," said Altin Kalo, economist at Steiner Consulting Group. "It becomes more and more expensive to add pounds inside the feedlot."
US farmers are breeding fewest hogs in almost 3 years freemalaysiatoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freemalaysiatoday.com Daily Mail and Mail on Sunday newspapers.