Chicago | Reuters — Chicago Mercantile Exchange hog futures fell for the fourth day in a row on Wednesday, with a large supply base pressuring the market.
Cattle contracts were firm, rising on a round of technical buying.
After the close, the U.S. Agriculture Department said frozen U.S. 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 per cent at 81.177 million lbs.
CME June live cattle settled up 1.825 cents at 166.1 cents/lb., finding support from early weakness at its 40-day moving average (all figures US$). 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/lb.
CME lean hogs for June delivery dropped 0.875 cent, to 79.8 cents/lb., hitting a fresh contract low of 79.4 cents/lb. The most-active July contract fell 0.15 cent to end at 80.825 cents.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
