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LIVESTOCK-Hog futures at three-week high on fund buying, spreading
November 28, 2017 / 11:14 PM / 15 days ago

LIVESTOCK-Hog futures at three-week high on fund buying, spreading

    By Michael Hirtzer
    CHICAGO, Nov 28 (Reuters) - U.S. lean hog futures        
climbed to a three-week high on Tuesday, extending gains from
recent days on speculation prices would rise higher next month
and on calendar spreading, traders and analysts said.
    Live cattle         were narrowly lower and feeder cattle
futures         slightly higher at the Chicago Mercantile
Exchange, in technically driven trade as each cattle contract
failed to surpass Monday's peaks.
    Demand for cuts such as pork hams and beef steaks and loins
typically rises in December, buoying wholesale meat prices and
futures for hogs and cattle.
    Hog futures have increased in five out of the past seven
sessions on bets the market will see those seasonal gains.
Most-active CME February hogs        settled up 1.425 cents at
71.525 cents per pound while December hogs        were up 1.225
cents to 65.750 cents.
    "There's some people buying into this for the near-term,"
Steiner Consulting Group analyst Altin Kalo said of hogs.
    Lean hogs in the top cash market of Iowa and southern
Minnesota were up $1.16 to $58.23 per cwt and wholesale pork
fetched $82.23 per cwt, down 35 cents, according to U.S.
Department of Agriculture data.                  
    Choice-grade wholesale beef prices were down 94 cents to
$208.63 per cwt, USDA said.           
    CME February live cattle        were down 0.375 cents to
125.675 cents per pound and December cattle        off 0.175
cent to 119.650 cents.
    CME January feeder cattle        were up 0.050 cent to
154.500 cents per pound.
    Commodity Futures Trading Commission data released after the
close of futures trading on Monday showed speculative investors
cutting net long positions in lean hogs, live cattle and feeder
cattle in the week ended Nov. 21.             
    

 (Reporting by Michael Hirtzer in Chicago; Editing by Andrew
Hay)
  

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