US hog futures weaken on bearish supply - CME

May 29, 2023

Chicago Mercantile Exchange (CME) hog futures fell for the fourth day in a row on Wednesday, with a large supply base pressuring the market, reported Reuters.

Cattle contracts were firm, rising on a round of technical buying.

After the close, the US Department of Agriculture said frozen US beef stocks as of April 30 stood at 447.984 million lbs, down from 532.166 million a year earlier.

Pork belly stocks were up 39.1% at 81.177 million lbs.

CME June live cattle settled up 1.825 cents at 166.1 cents per pound, finding support from early weakness at its 40-day moving average. June live cattle futures have not traded below their 40-day moving average since March 29.

The most-active August live cattle contract rose 1.55 cents to 164.125 cents.

CME August feeder cattle gained 1.05 cents to finish at 234.525 cents per pound.

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Video: Five Confirmed New World Screwworm Cases Raise Alarm for Livestock and Pet Owners

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