Lean hog June contracts close higher – CME
Chicago Mercantile Exchange (CME) live cattle and feeder cattle futures sank on Thursday on a technical retreat after shooting to contract highs earlier in the weeks, traders said.
Futures prices have set all-time highs since Washington over the weekend added to supply worries by suspending cattle imports from Mexico over an outbreak of New World screwworm in Mexican cattle.
CME August live cattle futures fell 3.525 cents to 205.85 cents per pound. August feeder cattle futures sank 6.15 cents to end at 295.825 cents per pound.
“We were overbought on several charts, then we had a key reversal and we’re seeing the follow-through today,” Austin Schroeder, analyst at Brugler Marketing, said. “There’s not much of a fundamental reason.”
The US cattle herd has lingered at its lowest point in decades. Resilient demand has kept prices propped up as the US enters the peak of grilling season, which increases demand for steaks, burgers and other meats.
CME lean hog June contract closing 1.85 cents higher to 100.70 cents per pound on a higher pork cutout and strong cash trade, analysts said.
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