Chicago | Reuters — Chicago Mercantile Exchange hog futures fell to their lowest in more than a year on Wednesday, with plentiful supplies and weak export demand weighing on prices, traders said.
Cattle futures were mixed, with nearby contracts easing while deferred contracts firmed on concerns about low animal weight.
February lean hog futures ended down 0.3 cent at 76.8 cents/lb. after bottoming out at 76.3 cents (all figures US$). On a continuous basis, that was the lowest for the front-month hog futures contract since Dec. 14, 2021.
Most-active April hogs eased 0.05 cent to 85.325 cents/lb.
After the market closed, the U.S. Agriculture Department said that frozen pork belly stocks stood at 63.06 million lbs. as of Dec. 31, up from 38.069 million a year earlier.
USDA reported frozen beef stocks of 543.955 million lbs., compared with 507.123 million at the end of 2021.
CME February live cattle settled down 0.25 cent at 157.6 cents/lb., and most-active April rose 0.25 cent at 161.55 cents/lb.
CME March feeder cattle futures gained 0.15 cent to settle at 183.75 cents/lb.
— Reporting for Reuters by P.J. Huffstutter in Chicago.
