CME: Lean hogs future fall, live cattle firm
CME Group lean hog futures fell on Wednesday, hit by profit-taking after rallying in the previous session, traders said.
Live cattle futures were firm but gains were kept in check as the market consolidated near the 4-1/2-year highs hit earlier in the week.
CME December lean hogs fell 1.55 cents to 76.175 cents per pound and February hogs ended down 0.225 cent at 83.15 cents.
CME’s most-active February live cattle contract gained 0.3 cent to 136.4 cents per pound. The spot December contract rose 0.5 cent to close at 132.225 cents per pound.
February cattle hit resistance at their 10-day moving average.
Wholesale boxed beef prices were weaker, with choice cuts dropping $3.52 to $278.61 per cwt and select cuts sagging $1.04 to $265.55 per cwt on Tuesday morning.
CME January feeder cattle futures fell 0.35 cent to end at 158.925 cents per pound.
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