U.S. livestock: Hog, live cattle futures up on bargain buying

USDA Cattle on Feed data tops expectations

CME December 2020 live cattle (candlesticks) and January 2021 feeder cattle (red line). (Barchart)

Chicago | Reuters –– Chicago Mercantile Exchange lean hog and live cattle futures rose on Friday on some bargain buying ahead of the weekend.

Hog futures snapped a three-session losing streak, the longest for the December contract in five weeks, while live cattle rebounded from its lowest since June 29.

CME December lean hogs rose 0.825 cent, to 67.025 cents/lb. (all figures US$).

CME December live cattle futures rose 0.1 cent, to 103.575 cents/lb.

But January feeder cattle fell 0.65 cent to 125.55 cents per pound.

Chinese customs data showed that the country imported 380,000 tonnes of pork in September, up 121.6 per cent from September 2019.

A U.S. Department of Agriculture report on Friday afternoon showed that the amount of U.S. cattle on feed as of Oct. 1 was 104 per cent of the year-earlier total. Analysts had been expecting 103.2 per cent.

Cattle placements and marketings during September both came in at 106 per cent of a year ago, topping forecasts for placements of 102.5 per cent and marketings of 105.8 per cent.

— Mark Weinraub is a Reuters commodities correspondent in Chicago.

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