Chicago | Reuters — CME cattle futures firmed on Thursday, supported by strong export demand for U.S. supplies, traders said.
Hog futures were narrowly mixed, with the nearby contract firm on good weekly exports while deferreds eased on technical selling.
CME August lean hog futures gained 0.075 cents to 106.65 cents/lb., while most-active October dipped 0.675 cent to 91.725 cents (all figures US$).
The October hogs contract faced resistance at the high end of its 20-day Bollinger range for the second day in a row. Support was noted at its 50-day moving average.
CME’s October live cattle futures, the most-active cattle contract, rose 1.425 cents to 126.675 cents/lb., while nearby August futures gained 0.75 cent, to 120.8 cents.
CME August feeder cattle finished 1.425 cents higher at 158.2 cents/lb.
After the close, the U.S. Agriculture Department said that frozen pork belly stocks as of June 30 stood at 36.481 million lbs., up from 36.208 million tonnes on May 31. A year earlier, frozen pork belly stocks were 55.537 million lbs.
Frozen beef stocks of 398.660 million lbs. were down from 414.047 million lbs. at the end of May and 428.122 million at the end of June 2020.
USDA said pork export sales totaled 24,500 tonnes in the week ended July 15, up from 10,600 tonnes a week earlier. Beef export sales of 25,400 tonnes were up from the 9,300 tonnes the prior week.
— Reporting for Reuters by Mark Weinraub in Chicago.