2022.06.22 04:18

LIVESTOCK-Hog futures rise to two-month high; cattle futures mixed

By Mark Weinraub

By Mark Weinraub

CHICAGO, June 21 (Reuters) - CME Group hog futures rose to their highest in two months on Tuesday as slowdowns on processing lines raised concerns about tightening supplies.

Cattle futures were mixed, with feeder cattle contracts firming as falling corn prices improved prospects of cheaper feed and strong profit margins for packers.

Live cattle contracts ended slightly lower but remained near the 1-12-month high hit late last week.

CME July lean hog futures (LHN2) rose 1.725 cents to close at 112.725 cents per pound, while most-active August hogs (LHQ2) jumped 1.925 cents to 109.8 cents per pound.

The front month contract (LHc1) peaked at 112.925, its highest on a continuous basis since April 21.

Most-active August live cattle futures (LCQ2) dipped 0.325 cent to 136.25 cents per pound. October cattle (LCV2) eased 0.125 cent to 142.3 cents

CME August feeder cattle (FCQ2) added 2.35 cents to settle at 175.3 cents per pound.

Beef processors slaughtered an estimated 126,000 cattle on Tuesday, up from 122,000 head a year earlier, the U.S. Agriculture Department said. Pork processors slaughtered an estimated 468,000 hogs, down from 474,000 hogs a year ago.


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