LIVESTOCK-Hog futures rise as pork supplies shrink

By Mark Weinraub

CHICAGO, Aug 25 (Reuters) - Chicago Mercantile Exchange hog futures rose to their highest level in nearly three months on Tuesday after government data showed that the reopening of pork plants after a rash of COVID-19 shutdowns had not boosted supplies.

Cattle futures were lower, pressured by signs of weakness in the cash markets, traders said.

CME October lean hogs rose 1.35 cents to close at 55.95 cents per pound. The front-month contract peaked at 56.175 cents per pound, its highest since May 29.

U.S. frozen pork inventories fell in July to the lowest level for any month in nine years, the U.S. Agriculture Department said after the close on Monday, even after meatpacking plants shut by COVID-10 resumed operations.

Daily hog slaughter reached 484,000 head on Tuesday, matching the highest level since April 2.

CME benchmark October live cattle ended 0.85 cent lower at 108.775 cents per pound. October feeder cattle were up 0.25 cent at 143.075 cents per pound.

Traders said that cash cattle in Texas traded at $105 per cwt on Monday, down $1 from last week. (Reporting by Mark Weinraub; Editing by Leslie Adler)

© Copyright Thomson Reuters 2020. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Tip of the Day

High-visibility folding lights

folding lights Protecting trailer lights with heavy armor can compromise visibility. These mountings are designed to fold back against the trailer when... read more

Talk in Marketing

Most Recent Poll

What are the benefits to using a farmland leasing/purchasing tool?