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Lean hog futures on the CME dipped as traders took profits amid concerns that pork cutout values could fall. December hogs slipped to 83.8 cents per pound after touching highs, while live and feeder cattle futures also declined as boxed beef prices dropped.
Caution over seasonal declines in pork cutout values pressures hog futures. Traders are watching whether solid US consumer demand can offset the seasonal weakness.
finimize.comFinimize NewsroomOct 31, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Dated Oct 31, it describes live and feeder cattle futures declining as boxed beef fell and traders pulled back, which supports a sentiment and demand-driven selloff.
Dated Oct 31, it describes traders pulling back from hogs and feeder and live cattle futures declining as boxed beef dropped, so the move was part of broad meat-complex profit-taking.
Notes live and feeder cattle futures declining on weaker boxed beef prices alongside hog profit-taking, supporting a sentiment and cutout-driven pullback, though dated a day earlier.
