Pork Futures End Mixed Before USDA Data; the cattle close lower

CHICAGO, Dec. 17 (Reuters) – Chicago Mercantile Exchange lean pork futures closed mixed on Friday, with February’s contract gaining over delayed months as traders squared their positions ahead of a report The US government quarterly pork report due next week, traders said.

The most active February hog futures were up 0.450 cent to 80.800 cents per pound, while April hogs ended down 0.100 cent to 84.775 cents.

The fact that February gained over April could be a sign of market expectations for the tight hog supply in the U.S. Department of Agriculture’s quarterly Hogs and Pigs report, which publication is scheduled for December 23.

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“That tells me the odds are favorable that the ‘kept for market’ pork category may be bullish on the Hog and Pig (report) next week,” said Dennis Smith, commodities broker at Archer Financial.

Spot hog values ​​strengthened. The CME’s Lean Pork Index (.IHX), a two-day weighted average of spot pork prices, hit 72.41 cents per pound, its highest level since November 24.

But wholesale pork values ​​have fallen. The USDA cited the cut of American pork at $ 85.82 per cwt (cwt) on Friday afternoon, down $ 5.67 from Thursday’s month-long high, as ham prices rose. fall.

CME live cattle futures closed lower in range-related trading. February’s contract stood at 0.625 cents at 136.425 cents a pound but remained within Thursday’s trading range, finding chart support at its 100-day moving average near 136 cents.

CME feeder cattle futures in January fell 2.325 cents to 160.250 cents per pound, and March futures fell 2.625 cents to 161,700 cents.

Wholesale canned beef prices appeared to stabilize after a six-week decline, with choice cuts up $ 0.04 to $ 263.01 per cwt and selected cuts $ 0.14 to 248.28 $, according to the USDA.

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Reporting by Julie Ingwersen; Editing by Michael Perry

Our Standards: Thomson Reuters Trust Principles.

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