Chicago | Reuters — Chicago Mercantile Exchange lean hog futures rallied on Thursday, with signs of strong export demand supporting prices following the market’s decline to its lowest in more than four months on Wednesday.
The U.S. Department of Agriculture (USDA) said on Thursday morning that export sales of pork totaled 42,900 metric tonnes in the week ended Sept. 28. That was up from 27,400 tonnes a week earlier.
Weekly beef export sales fell to 13,300 tonnes from 27,400, USDA said.
The most-active December hogs contract jumped 4.5 per cent, its biggest one-day gain since May 30. It rose 3.1 cents, breaking through its 10-day moving average, before settling at 72.275 cents/lb. (all figures US$).
In CME’s cattle markets, November feeders eased 0.125 cent, to 250.3 cents/lb. December live cattle dropped 0.65 cent, to 185.375 cents/lb.
— Reporting for Reuters by Mark Weinraub in Chicago.
