December 17, 2018 / 9:45 PM / a month ago

LIVESTOCK-Lean hogs drop to 4-1/2-week low on technical selling

    By Karl Plume
    CHICAGO, Dec 17 (Reuters) - Chicago Mercantile Exchange lean
hog futures         fell for a third straight session on Monday
as technical selling and profit-taking dragged prices to a
4-1/2-week low.
    Another steep sell-off in equities markets also stoked
concerns that meat demand may not meet earlier expectations over
the coming months.
    "Today we sucked more futures premium out of the hog
market," said Don Roose, president of U.S. Commodities. "The hog
market didn't respond positively to supportive news."
    Top hog and pork market China reported more cases of African
swine fever, suggesting the disease that has struck nearly 100
farms is far from contained.
    U.S. cash pork prices, meanwhile, jumped by more than $3 per
cwt at midday on Monday.
    "Both of those things gave us bounces, but none of it was
sustained," Roose said.
    The most-active February hog futures contract         fell
0.675 cent to 63.825 cents per pound. The contact failed to
break through chart resistance at its 50-day moving average, but
held support at its 100- and 200-day averages.
    Live cattle futures also slumped in a profit-taking setback
after hitting a 1-1/2-month high last week and as cash feedlot
cattle prices late last week were below some traders'
expectations.
    Cash cattle at Plains feedlot markets traded at roughly
steady prices following earlier optimism for higher prices.
    CME February live cattle         fell 0.850 cent to settle
at 121.550 cents per pound. January feeder cattle         were
down 2.200 cents at 145.375 cents.

 (Reporting by Karl Plume)
  
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