Chicago | Reuters — Chicago Mercantile Exchange hog futures fell for the third day in a row on Tuesday, hitting their lowest in more than a month.
Cattle futures also were weaker, with weak profit margins weighing on the market.
CME February lean hogs settled 1.675 cents lower at 76.55 cents/lb. (all figures US$). The contract hit its lowest price since Oct. 29.
Pork processors earned $30.80 per hog, up from $22.90 per hog on Monday but well below the week-ago level of $51.25, according to livestock marketing advisory service HedgersEdge.
CME February live cattle finished 0.425 cent lower at 139.225 cents/lb. CME January feeder cattle dropped 0.225 cent to end at 165.025 cents/lb.
Profit margins for beef processors on Tuesday fell to $236.90 per head of cattle from $252.25 on Monday and $314.00 a week ago, HedgersEdge said.
— Mark Weinraub is a Reuters commodities correspondent in Chicago.
