Chicago | Reuters –– Chicago Mercantile Exchange live cattle futures fell to their lowest level in more than a month on Monday as beef prices weakened and some traders reduced risk amid uncertainty over Russia’s invasion of Ukraine, analysts said.
Feeder cattle futures fell to their lowest price since November and lean hogs also slumped.
Spillover pressure from losses in the stock market weighed on cattle futures, traders said. The S+P 500 ended lower in volatile trading after the West ramped up sanctions against Moscow over the invasion.
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CME April live cattle ended 0.5 cent lower at 141.425 cents/lb. and touched its lowest price since Jan. 25 (all figures US$).
The choice boxed beef cutout value was 76 cents lower at $257.51/cwt, while the select cutout was down $2 at $253.41/cwt, the U.S. Department of Agriculture said.
CME March feeder cattle slid 2.3 cents, to 157.725 cents/lb., as futures prices for corn and wheat used for feed climbed. The contract touched its lowest price since Nov. 2.
In the pork market, CME April hog futures slipped 0.175 cent to settle at 103.5 cents/lb., while June hogs ended down 0.45 cent at 113.425 cents/lb.
China will buy 40,000 tonnes of pork for its central state reserves this week, in the first round of such stockpiling this year, China Merchandise Reserve Management Center said.
China is seeking to support hog prices after a sharp fall following the Lunar New Year holiday, when excess supply and flat demand weighed on the market.
— Tom Polansek reports on agriculture and ag commodities for Reuters from Chicago.
