May 17, 2017 / 9:33 PM / 2 months ago

LIVESTOCK-Hogs end mixed on profit-taking after 3-month high

3 Min Read

    By Michael Hirtzer
    CHICAGO, May 17 (Reuters) - U.S. lean hog futures        
jumped to the highest levels in three months on Wednesday,
rising alongside wholesale pork prices before some hog contracts
turned lower on profit-taking, traders and analysts said.
    Chicago Mercantile Exchange cattle futures were mostly
higher, buoyed by expectations that U.S. consumers will buy more
meat for outdoor grilling as temperatures rise.
    Prices for both pork and beef have risen sharply in May as
retailers made purchases to stock meat coolers ahead of the U.S.
Memorial Day holiday on May 29 - the unofficial start of the
summer grilling season.
    "Pork looks like it's getting a bid - attracting some
serious buying," said independent livestock trader Dan Norcini. 
    The wholesale pork cutout gained $2.18 to $87.26 per cwt,
the highest since July, according to U.S. Department of
Agriculture data.         
    CME June lean hogs        reached a peak of 79.950 cents per
pound, before finishing 0.175 cent higher at 78.900 cents. July
hog futures        declined 0.475 cent to 79.000 cents.
    Norcini said investors locked in profits when hog futures
neared 80 cents per pound. "If we get consistently warm weather,
that should generate good pork demand," he said.
    Cattle futures, which have eased from the one-year highs
notched two weeks ago, climbed slightly even as wholesale beef
prices declined. 
    CME June live cattle        were up 0.550 cent at 122.450
cents per pound and August cattle        were up 0.575 cent to
118.825 cents. CME August feeder cattle        edged up 0.025
cent to 147.725 cents per pound.
    Choice-grade beef fell $1.17 to $248.17 per cwt, the USDA
said after the closing of futures trading.           
    Cattle for prompt delivery fetched an average price of
$135.16 per cwt at the weekly online Fed Cattle Exchange
auction, according to the auction website. That is down from
$138.72 per cwt a week ago.

 (Reporting by Michael Hirtzer in Chicago; Editing by Jonathan
Oatis)
  

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