May 21, 2021

CME hog futures up on strong export demand, cattle futures slide

Chicago Mercantile Exchange hog futures ended higher thanks to strong export demand, while cattle futures fell on a technical setback, Reuters reported.

CME June lean hog futures closed 1.3 cents at 112.25 cents per pound.

The pork cutout value increased to its highest in one year at US$119.22 per hundredweight (cwt) on the afternoon of May 20, higher than the US$118.01 on May 19, according to the US Department of Agriculture (USDA).

CME August live cattle futures was 0.25 cent lower to 119.875 cents per pound.

August feeder cattle also declined 1.8 cents to 151.075 cents per pound.

The USDA said prices for both boxed beef choice and select cuts closed to new one-year highs late on May 20.

Weekly export sales of US beef reached a marketing year high of 57,000 tonnes, while pork export sales of 19,000 tonnes was 29% higher compared to the week earlier, based on a USDA report.

- Reuters