Chicago | Reuters — Chicago Mercantile Exchange hog futures rallied on Wednesday, with the most-active June contract jumping 2.4 per cent and hitting an all-time high, supported by rising pork prices and strength in the cash market.
CME April lean hog futures rose 2.3 cents to end at 102.55 cents/lb. (all figures US$). Most-active June hogs gained 2.9 cents to finish at 122.975 cents/lb. The June contract closed above the high end of its 20-day Bollinger range for the first time since Feb. 22.
CME’s most-active June live cattle gained 0.275 cent, to 135.975 cents/lb. The contract rose above its 20-day moving average.
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May feeder cattle futures rose 0.375 cent, to 165.8 cents/lb.
The U.S. Agriculture Department said after the markets closed that pork belly stocks in cold storage totaled 50.139 million lbs. as of Feb. 28, up from 37.556 million lbs. a year earlier.
Beef stocks in cold storage rose to 532.502 million lbs. from 512.528 million at the end of February 2021.
Choice cuts of boxed beef rose by $1.39, to $261.36/cwt, by Wednesday morning, according to USDA data. Select cuts gained $1.20, to $253.09/cwt.
— Reporting for Reuters by Mark Weinraub in Chicago.
