Chicago | Reuters — Chicago Mercantile Exchange hog futures rose for the sixth straight session on Friday, with the market underpinned by strong domestic demand and tight supplies as slaughter numbers lagged well behind the 2021 pace.
Traders also noted technical buying helped accelerate the gains.
April lean hog futures gained 1.825 cents to 109.4 cents/lb., hitting a new contract high and settling above the high end of its 20-day Bollinger range (all figures US$).
The front-month contract topped out at 109.825 cents, its highest since Aug. 13. The front-month contract has risen 21 per cent during the streak.
The number of hogs slaughtered rose to 474,000 head, 9,000 higher than Thursday and flat with week-ago levels. A year ago, the hog slaughter totaled 484,000 head, the U.S. Agriculture Department (USDA) said.
April live cattle dropped 0.9 cent to 145.875 cents/lb. March feeder cattle fell 0.775 cents to 165.425 cents/lb.
Cattle slaughter fell by 1,000 head to 121,000. A week ago, the cattle slaughter was reported at 120,000 head.
— Reporting for Reuters by Mark Weinraub in Chicago.
