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LIVESTOCK-Hogs jump most in 2 months on technicals, pork packer demand
September 5, 2017 / 8:43 PM / 19 days ago

LIVESTOCK-Hogs jump most in 2 months on technicals, pork packer demand

    By Michael Hirtzer
    CHICAGO, Sept 5 (Reuters) - U.S. lean hog futures        
surged about 4 percent on Tuesday, boosted by chart-based buying
and stronger demand from pork packers, traders and analysts
said.
    Hog futures on the Chicago Mercantile Exchange notched the
largest percentage gains in more than two months as prices
continued rising from multimonth lows reached on Aug. 29. 
    Two new pork processing plants began slaughtering this week
in Iowa and Michigan, increasing competition for hogs, the
traders said. 
    "(Packers) are short of hogs and looking around," Archer
Financial Services broker Dennis Smith said.
    CME October hogs        settled up 2.300 cents at 63.750
cents per pound, a 1-1/2 week high.
    The contract surpassed the support level of about 62.400
cents, triggering technical buying, said Rosenthal Collins Group
broker James Burns.
    Cash hog prices were down 16 cents in the top markets of
Iowa and Minnesota after rising earlier on Tuesday, U.S.
Department of Agriculture (USDA) data showed.    
    Signs that wholesale pork prices were nearing a seasonal low
further underpinned hog prices. The pork cutout that tracks
values of cuts such as hams and pork bellies was up 49 cents to
$84.96 per cwt, according to the USDA.
    CME live cattle         and feeder cattle futures        
were mostly lower as ample U.S. cattle supplies continued to
weigh on prices.
    CME October live cattle        finished 0.725 cent lower at
104.425 cents per pound, its lowest settlement price since March
15. CME October feeder cattle        were down 1.050 cents to
142.500 cents per pound.
    USDA said choice-grade wholesale beef gained $1.10 to
$192.45 per cwt and select-grade beef was down 18 cents to
$190.47 per cwt.

    
    
    
    

 (Reporting by Michael Hirtzer in Chicago; Editing by Lisa
Shumaker)
  

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