Chicago | Reuters — Chicago Mercantile Exchange hog futures rose on Friday, supported by technical buying, traders said.
Cattle futures also were firm, bouncing back from two days of declines on some end-of-week bargain hunting.
Signs of stability in the grain and soy markets after wild volatility since Russia’s invasion of Ukraine added support to livestock markets. The fighting between those two key global suppliers halted exports from the Black Sea region, driving up the cost of feed.
CME April live cattle rose 1.4 cents to 137.3 cents/lb. (all figures US$). May feeder cattle gained 1.925 cents to 163.725 cents.
Choice cuts of boxed beef rose by $1.14, to $255.08/cwt, by Friday morning, USDA said. Select cuts gained $2.85, to $260.22/cwt.
CME April lean hog futures closed up 2.625 cents to end at 102.725 cents/lb. June hogs gained 3.275 cents to finish at 118.175 cents/lb.
The most-active April contract rose above its 40-day moving average during Friday’s session. Technical resistance was seen at the contract’s 10-day moving average.
— Reporting for Reuters by Mark Weinraub in Chicago.
