Chicago Mercantile Exchange lean hog futures closed lower on Friday, continuing a streak of losses.
Most active April lean hogs settled at 88.325 cents a pound, down 2.225 cents. February lean hogs closed at 81.123 cents a pound, down 1.175 cents.
The U.S. dollar index had climbed 0.34 per cent by 2:30 CST. The stronger dollar could have more effect on hogs than other commodities because Mexico, the leading buyer of U.S. pork, is seeing its currency trend lower against the greenback, said Kirk Maltais of the Wall Street Journal.
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The U.S. Department of Agriculture this afternoon reported pork carcass cutout values at $90.60 per cwt, up $0.21.
Most-active April live cattle futures settled at 197.500 cents per pound, down 0.175 cents from Thursday, while February live cattle closed at 196.750 cents per pound—up 0.150 cents.
Most active March feeder cattle closed at 268.050 cents per pound, up 0.325 cents. April feeders closed down 0.075 cents at 268.125 cents per pound.
Choice boxed beef was valued at $333.69 per cwt, the USDA reported this afternoon, up $0.28 per cwt. Select boxed beef was priced at $319.83 per cwt, up $0.45.
Cattle trends remain bullish, wrote analyst Andrew Hecht this morning. Managed money holds a hefty net long position.
“Meanwhile, tariffs and other trade barriers could cause volatility in the cattle futures arena,” Hecht said.
“The bottom line is that cattle futures could become volatile over the coming weeks and months. In early 2025, the cattle trend remains bullish and is the market’s best friend.”
—All prices in USD unless otherwise noted
