CME hog and cattle contracts end firm


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CHICAGO — CME cattle and hog futures rose on Wednesday, supported by concerns about near-term supplies, traders said.

Analysts were expecting a U.S. Agriculture Department report on Friday to show that the number of cattle on feed as of July 1 was 99% of the year-earlier amount. Placements during June were seen at 95.9% of the June 2020 total and marketings 102.1% of a year ago.

CME August lean hog futures gained 1.575 cents to 106.575 cents per pound, while October firmed 1.375 cents to 92.4 cents.

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The October hogs contract hit a five-week peak but faced resistance at the high end of its 20-day Bollinger range.

Daily hog slaughter held steady at 474,000 head on Wednesday, the USDA said, matching the nearly four-week high hit on Tuesday.

CME’s most-active October live cattle futures rose 0.55 cent to 125.25 cents per pound, while nearby August futures gained 0.275 cent to 120.05 cents.

CME August feeder cattle finished 1.25 cents higher at 156.775 cents per pound.

Boxed beef prices were mostly lower, with choice cuts rising 36 cents to $265.24 per cwt and select cuts adding 19 cents to $248.77 per cwt, the USDA said. , . (Reporting by Mark Weinraub; editing by Richard Pullin)