Chicago | Reuters — Chicago Mercantile Exchange hog futures on Thursday edged up from a 6-1/2-month low on a round of short-covering after posting losses in four of the previous five sessions, traders said.
But the hog market remained under pressure from a seasonal slowdown in demand as the grilling season nears its end.
Cattle futures were mixed, with live cattle contracts hitting a 2-1/2-week low while feeder cattle contracts firmed.
CME October lean hogs settled up 0.725 cent at 91.1 cents/lb. (all figures US$). The contract rose above its 200-day moving average during the session but failed to hold support above that key technical point.
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
CME October live cattle futures dropped 0.125 cent to settle at 143.65 cents/lb. CME September feeder cattle futures rose 1.225 cent, to 184.25 cents/lb.
In the U.S. wholesale beef market, choice cuts rose 71 cents to $263.54 per hundredweight (cwt), according to the U.S. Department of Agriculture. Select cuts fell eight cents, to $237.54/cwt.
The U.S. Department of Agriculture’s pork carcass value dropped 33 cents to $102.66/cwt on Thursday.
— Reporting for Reuters by Mark Weinraub in Chicago.
