Chicago | Reuters — Chicago Mercantile Exchange hog futures rose to their highest level in nearly three months on Tuesday after government data showed that the reopening of pork plants after a rash of COVID-19 shutdowns had not boosted supplies.
Cattle futures were lower, pressured by signs of weakness in the cash markets, traders said.
CME October lean hogs rose 1.35 cents to close at 55.95 cents/lb. (all figures US$). The front-month contract peaked at 56.175 cents/lb., its highest since May 29.
U.S. frozen pork inventories fell in July to the lowest level for any month in nine years, the U.S. Agriculture Department said after the close on Monday, even after meatpacking plants shut by COVID-10 resumed operations.
Daily hog slaughter reached 484,000 head on Tuesday, matching the highest level since April 2.
CME benchmark October live cattle ended 0.85 cent lower at 108.775 cents/lb. October feeder cattle were up 0.25 cent at 143.075 cents/lb.
Traders said that cash cattle in Texas traded at $105/cwt on Monday, down $1 from last week.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
