CME lean hogs and cattle continue rally
CHICAGO, Oct 8 (Reuters) -Chicago Mercantile Exchange lean hog and cattle futures rose on Tuesday as wholesale cutout values remained strong amid a largely positive economic picture, analysts said.
Unexpectedly resilient consumer demand has pushed feeder cattle futures to a three-month high and hog futures near a five-month high. Multiple back-month cattle and hog futures hit contract highs.
"The whole livestock complex has been on rally for a month," Altin Kalo, economist at Steiner Group, said. "Some of those fears that consumer spending will slow down have not materialized."
Last Friday's stronger-than-expected jobs report recorded job gains increased by the most in six months in September and the unemployment rate fell to 4.1%.
A rallying stock market has also lent support to livestock futures as Wall Street investors' focus shifts to upcoming U.S. inflation data and corporate earnings.
Commodity funds have increased net long positions in both cattle and hogs, and meatpackers have continued buying large amounts of cattle to meet consumer demand, analysts said.
Benchmark CME December lean hog futures LHZ24 rose 0.35 cent to end at 77.175 cents per pound.
CME December live cattle futures LCZ24 settled up 0.85 cent at 187.875 cents per pound. CME November feeder cattle futures FCX24 ended up 1.15 cent at 250.30 cents per pound.
Reporting by Heather Schlitz; Editing by Shailesh Kuber
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