Chicago | Reuters — Chicago Mercantile Exchange hog futures fell on Tuesday on technical selling as the market moved closer to values in the cash market, traders said.
Cattle contracts also were lower, with traders noting pressure from strength in corn futures.
Recent declines in both cattle and hogs have done little to spur a round of bargain buying, with some speculators using the drop to add more shorts to their positions in the absence of fresh bullish fundamental news, traders said.
CME June live cattle settled down 0.775 cent at 164.275 cents/lb., while the most-active August contract dropped 1.025 cents, to 162.575 cents (all figures US$).
CME August feeder cattle fell 1.425 cents to finish at 233.475 cents/lb.
CME lean hogs for June delivery shed 1.15 cents, to 80.675 cents/lb. The most-active July contract fell 1.175 cents to end at 80.975 cents.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
