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LIVESTOCK-Cattle, hog futures mostly higher on short-covering
June 16, 2017 / 8:46 PM / 2 months ago

LIVESTOCK-Cattle, hog futures mostly higher on short-covering

    By Michael Hirtzer
    CHICAGO, June 16 (Reuters) - U.S. livestock futures were
mostly higher on Friday, with cattle prices stabilizing after
Thursday's multiweek lows and hogs consolidating in the middle
of their recent trading ranges.
    Most-active Chicago Mercantile Exchange August live cattle
       settled 0.675 cents higher at 118.175 cents per pound.
June live cattle futures        finished 0.800 cent lower at
121.700 as traders continued to exit positions ahead of that
contract's expiration on June 30.
    CME August feeder cattle        were up 0.800 cent to
147.875 cents per pound, rising the day after hitting the lowest
levels in more than a month.
    "Today was just some consolidation, taking stock," said
Steiner Consulting Group analyst Altin Kalo said.
    Cash cattle prices in the U.S. Plains have declined for
several weeks even as rising wholesale beef prices boosted
profits for meat packers. The U.S. Department of Agriculture
after the close of trading said choice-grade beef was up 10
cents to $249.84 per cwt.           
    Pork in the wholesale market gained 73 cents to $95.63 per
cwt while hogs in the top cash market of Iowa and southern
Minnesota firmed by 60 cents to $82.28 per cwt.         
        
    Retailers were still buying to stock meat cases ahead of the
U.S. Independence Day holiday on July 4, when many U.S.
consumers eat hot dogs and burgers cooked on outdoor grills.
    Kalo said comparatively higher prices for beef pushed some
meat packers to switch to pork products for hot dogs and
sausages, and the robust pork demand boosted demand for hogs.
    "The spot cash hog market has been on fire, it's incredibly
firm," he said.
    CME July lean hog futures        were up 0.275 cent to
82.325 cents per pound and most-active August hog futures       
up 0.200 cent to 79.125 cents.
    
    

 (Reporting by Michael Hirtzer in Chicago; editing by Diane
Craft)
  

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