April 15, 2021

CME cattle futures down due to surging feed costs, hog futures firmed

Chicago Mercantile Exchange (CME) cattle futures dropped on concerns of surging feed costs, but soybean, wheat, and corn futures were up, Reuters reported.

The most active CME June live cattle futures contracted closed lower for the fifth consecutive day after reaching a new high during the April 8 session. It dropped 0.725 cent to 120.2 cents per pound, declining lower than its 40 day and 50 day moving averages.

Swine futures firmed thanks to technical selling and good export prospects.

The benchmark CME lean hogs contract ended up 1.5 cents to 107.675 cents per pound, reaching above its 10-day moving average.

May CME feeder cattle futures dropped 1.625 cents to 145.7 cents per pound, the lowest since March 23.

- Reuters